Raptor Pharmaceuticals buys TorreyPines Therapeutics Print E-mail
By Shailesh Kuber in Bangalore; Editing by Mike Miller   
Tuesday, 28 July 2009 07:22
Raptor Pharmaceuticals Corp (OTC:RPTP) will buy TorreyPines Therapeutics Inc (NASDAQ:TPTX) , and Raptor stockholders will own about a 95 percent stake in the combined company, the companies said in a joint statement.

Under terms of the deal, Raptor will be merged with and into a wholly owned subsidiary of TorreyPines, and TorreyPines will issue its common stock to Raptor stockholders.

TorreyPines stockholders will own about 5 percent in the combined company, which will be named Raptor Pharmaceuticals, the companies said.

Raptor Chief Executive Christopher Starr will be CEO of the combined company, they said.

At the closing, TorreyPines will implement a reverse stock split to ensure compliance with Nasdaq listing requirements, the companies said.

The exact size of the reverse split will be determined at closing.

In May, TorreyPines said its board approved a plan to liquidate the company's assets, after considering potential strategic alternatives.

Raptor shares closed at 36 cents on Monday, while TorreyPines shares closed at 8.9 cents.

"Featured Content" profiles are meant to provide awareness of these companies to investors in the small-cap and growth equity community and should not in any way come across as a recommendation to buy, sell or hold these securities. BiomedReports is not paid or compensated by newswires to disseminate or report news and developments about publicly traded companies, but may from time to time receive compensation for advertising, data, analytics and investor relation services from various entities and firms. Full disclosures should be read in the 'About Us Section'.

Add this page to your favorite Social Bookmarking websites
Digg! Reddit! Del.icio.us! Mixx! Google! Live! Facebook! Technorati! StumbleUpon! MySpace! Yahoo!

blog comments powered by Disqus