CORRECT: Australia's Biota, Nabi Pharmaceuticals Plan Merger
April 22 2012 - 11:45PM
Dow Jones News
Australian drug development company Biota Holdings Ltd. (BTA.AU)
said Monday it plans to merge with Nabi Biopharmaceuticals (NABI)
to form a combined company to be listed on Nasdaq.
Biota said in a statement the move to the U.S. was designed to
achieve better value recognition and liquidity through a stronger
U.S. shareholder base.
"We believe this is a necessary step to increase our options for
the development and commercialization of our product portfolio and
will ultimately improve the recognition of the underlying value of
our product portfolio for our shareholders," said Biota Chairman
Jim Fox.
Biota develops anti influenza drugs such as Relenza, which is
marketed by GlaxoSmithKline PLC.
Under the merger, Nabi will acquire all the shares in Biota for
new shares in the name of Biota Pharmaceuticals, a Nasdaq listed
company. Biota shareholders will own about 74% of Biota
Pharmaceuticals and Nabi shareholders will own about 26% of the
company.
Under the proposed merger Nabi will bring US$54 million to the
new company, and excess cash, estimated to be around US$30 million,
would be returned to existing Nabi shareholders.
-By Gavin Lower, Dow Jones Newswires; 61-3-9292-2095;
gavin.lower@dowjones.com
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