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GEN News Highlights : Nov 30, 2012

Merger Terminated between Presidio and BioCryst

BioCryst Pharmaceuticals and privately held Presidio Pharmaceuticals mutually terminated the merger agreement entered into on October 17, 2012. Although the original rationale for the merger reportedly had merit, the parties determined that terminating the merger was in the best interest of both companies and their respective shareholders at this time.

Had the merger gone through, the combined company would have had lead programs in infectious and orphan disease indications, including HCV and hereditary angioedema, anchored by three oral, pan-genotypic antivirals suitable for development either in combination with each other or with other direct-acting antivirals to treat patients with HCV infection. The merger was an all-stock deal valued at approximately $101 million.