Idera Pharmaceuticals Announces Termination of Merger Agreement with BioCryst Pharmaceuticals
July 10 2018 - 4:01PM
Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) announced today that the
Agreement and Plan of Merger and Reorganization (the “Merger
Agreement”) entered into by and among Idera and BioCryst on January
22, 2018, has been terminated. The Merger Agreement was
terminated following the July 10, 2018 special meeting of BioCryst
stockholders at which BioCryst’s stockholders voted against the
proposed mergers. Separately, a majority of Idera’s
stockholders voted in favor of the adoption of the Merger Agreement
at a special meeting of Idera stockholders, also held on July 10,
2018.
As part of the merger agreement, BioCryst will reimburse Idera
$6 million in connection with the termination.
“The Board and shareholders of Idera overwhelmingly supported
the proposed merger with BioCryst based on the strategic rationale,
operating synergies and opportunity to create a stronger and more
diversified rare-disease, focused organization,” stated Vincent
Milano, Idera’s Chief Executive Officer. “Our tilsotolimod would
have been one of the two centerpiece product opportunities of the
combined company. As we move forward independently, we will
remain focused on the development of tilsotolimod in anti-PD-1
refractory melanoma, a significant unmet need, as well as begin to
explore the role of tilsotolimod in improving outcomes in patients
suffering from additional solid tumor cancers. While we
remain focused on the development of tilsotolimod, if an
opportunity arises to further enhance shareholder value and build
our company through business development, we will explore
it.”
About Idera PharmaceuticalsHarnessing the
approach of the earliest researchers in immunotherapy and Idera’s
experience in developing proprietary immunology platforms, Idera’s
lead development program is focused on priming the immune system to
play a more powerful role in fighting cancer, ultimately increasing
the number of people who can benefit from immunotherapy. Idera
continues to invest in research and development, and is committed
to working with investigators and partners who share the common
goal of addressing the unmet needs of patients suffering from rare,
life-threatening diseases. To learn more about Idera, visit
www.iderapharma.com.
Forward Looking Statements This press release
contains forward-looking statements within the meaning of Section
27A of the Securities Act of 1933, as amended, and Section 21E of
the Securities Exchange Act of 1934, as amended. All statements,
other than statements of historical fact, included or incorporated
in this press release, including statements regarding the Company's
strategy, future operations, collaborations, intellectual property,
cash resources, financial position, future revenues, projected
costs, prospects, clinical trials, plans, and objectives of
management, are forward-looking statements. The words "believes,"
"anticipates," "estimates," "plans," "expects," "intends," "may,"
"could," "should," "potential," "likely," "projects," "continue,"
"will," and "would" and similar expressions are intended to
identify forward-looking statements, although not all
forward-looking statements contain these identifying words. Idera
cannot guarantee that it will actually achieve the plans,
intentions or expectations disclosed in its forward-looking
statements and you should not place undue reliance on the Company's
forward-looking statements. There are a number of important factors
that could cause Idera's actual results to differ materially from
those indicated or implied by its forward-looking statements.
Factors that may cause such a difference include: whether the
Company’s cash resources will be sufficient to fund the Company’s
continuing operations and the further development of the Company’s
programs for the period anticipated; whether interim results from a
clinical trial, such as the preliminary results reported in this
release, will be predictive of the final results of the trial;
whether results obtained in preclinical studies and clinical trials
such as the results described in this release will be indicative of
the results that will be generated in future clinical trials,
including in clinical trials in different disease indications;
whether products based on Idera's technology will advance into or
through the clinical trial process when anticipated or at all or
warrant submission for regulatory approval; whether such products
will receive approval from the U.S. Food and Drug Administration or
equivalent foreign regulatory agencies; whether, if the Company's
products receive approval, they will be successfully distributed
and marketed; whether the Company's collaborations will be
successful; and such other important factors as are set forth under
the caption "Risk factors" in the Company’s Annual Report filed on
Form 10-K for the period ended December 31, 2017 and the Company’s
Quarterly Report filed on Form 10-Q for the period ended March 31,
2018. Although Idera may elect to do so at some point in the
future, the Company does not assume any obligation to update any
forward-looking statements and it disclaims any intention or
obligation to update or revise any forward-looking statement,
whether as a result of new information, future events or
otherwise.
Investor and Media ContactRobert DoodyVice
President, Investor Relations and Corporate CommunicationsOffice:
617-679-5515Mobile: 484‐639‐7235rdoody@iderapharma.com
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