BioCryst Pharmaceuticals Announces Termination of Merger Agreement with Idera Pharmaceuticals

BioCryst Pharmaceuticals, Inc. (NASDAQ:BCRX) (“BioCryst”) today
announced that it has terminated the previously announced merger
agreement with Idera Pharmaceuticals, Inc. (NASDAQ:IDRA) (“Idera”)
following the BioCryst stockholders’ failure to approve the adoption of
the merger agreement at the BioCryst Special Meeting of Stockholders
held today.

“We respect and understand the views of our stockholders and are moving
forward fully-focused on executing our business plan as a standalone
company,” said Jon P. Stonehouse, BioCryst’s President and Chief
Executive Officer. “The BioCryst Board and management team remain
confident in BCX-7353 and our ability to execute on our plan and advance
our programs.”

Robert A. Ingram, Chairman of the Board, said, “We are focused on
serving the interests of all stockholders in their desire for BioCryst
to pursue a standalone strategy and continue our path to treating
patients with rare and serious diseases. The Board and management are
steadfast in our commitment to capitalize on the opportunities in
BioCyrst’s current portfolio and advance the promising candidates in the
Company’s pipeline to generate stockholder value.”

Final results for the Special Meeting will be made available in the
Company’s filings with the U.S. Securities and Exchange Commission after
the votes have been tabulated and certified. In accordance with the
terms of the merger agreement, BioCryst will reimburse Idera for
transaction-related expenses of $6 million.

About BioCryst

BioCryst designs, optimizes and develops novel small-molecule medicines
that address both common and rare conditions. BioCryst has several
ongoing development programs including BCX7353, an oral treatment for
hereditary angioedema, galidesivir, a potential treatment for
filoviruses, and a preclinical program to develop oral Alk-2 inhibitors
for the treatment of fibrodysplasia ossificans progressiva (FOP).
RAPIVAB® (peramivir injection), a viral neuraminidase inhibitor for the
treatment of influenza, is BioCryst’s first approved product and has
received regulatory approval in the U.S., Canada, Japan, Taiwan,
Australia, and Korea. Post-marketing commitments for RAPIVAB are
ongoing. For more information, please visit the company’s website at www.biocryst.com.

Forward-Looking Statements

This press release contains forward-looking statements, including
statements regarding future results, performance or achievements. These
statements involve known and unknown risks, uncertainties and other
factors which may cause BioCryst’s actual results, performance or
achievements to be materially different from any future results,
performances or achievements expressed or implied by the forward-looking
statements. These statements reflect our current views with respect to
future events and are based on assumptions and are subject to risks and
uncertainties. Given these uncertainties, you should not place undue
reliance on these forward-looking statements. Some of the factors that
could affect the forward-looking statements contained herein include:
that developing any HAE product candidate may take longer or may be more
expensive than planned; that ongoing and future preclinical and clinical
development of HAE drug candidates (including ZENITH-1, APeX-2 and
APeX-S) may not have positive results; that BioCryst may not be able to
enroll the required number of subjects in planned clinical trials of
product candidates; that the Company may not advance human clinical
trials with product candidates as expected; that the U.S. Food and Drug
Administration, European Medicines Agency or other applicable regulatory
agency may require additional studies beyond the studies planned for
product candidates, or may not provide regulatory clearances which may
result in delay of planned clinical trials, or may impose a clinical
hold with respect to such product candidate, or withhold market approval
for product candidates. Please refer to the documents BioCryst files
periodically with the Securities and Exchange Commission, specifically
BioCryst’s most recent Annual Report on Form 10-K, Quarterly Reports on
Form 10-Q, and Current Reports on Form 8-K, all of which identify
important factors that could cause the actual results to differ
materially from those contained in BioCryst’s projections and
forward-looking statements.

BCRXW

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