Purdue Pharma to merge with CoCensys

A subsidiary of Purdue Pharma has signed a definitive agreement withCoCensys Inc to buy all outstanding shares of the latter's common stock for $1.16 per share. Under the terms of the deal, Purdue Acquisition Corp has made an offer to buy the stock of CoCensys and, if successful, the transaction is expected to be completed in September.

Richard Nichol, CoCensys' chief executive, said the deal gives his firm "the level of financial, scientific and marketing support to fully capitalize on our broad, neuroscience technology platforms." Purdue is widely regarded as one of the fastest growing pharmaceutical companies in the USA, especially in pain management with its OxyContin tablets (oxycodone hydrochloride controlled-release; see page 20).