MRI contrast developer Epix Pharmaceuticals and Predix Pharmaceuticals Holdings have completed a planned merger.
The Lexington, MA-based Predix will now become a wholly owned subsidiary of the Cambridge, MA-based Epix.
The combined company will continue to operate as Epix.
In connection with the merger, Epix effected a 1-for-1.5 reverse stock split of its outstanding common shares. Accordingly, each Predix share was converted in the merger into the right to receive 0.826698 shares of Epix common stock. In addition, all outstanding Predix options and warrants were assumed by Epix in the merger.
The Predix stockholders, option holders, and warrant holders are also entitled to receive a pro-rata portion of an additional milestone payment of $35 million. Under terms of the merger agreement, the board of directors has determined to pay $20 million of the milestone payment in cash on October 29 this year.
The remaining $15 million of the milestone will be paid in shares of Epix common stock on October 29, 2007, the company said.
By AuntMinnie.com staff writers
August 17, 2006
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FDA extends Epix's Vasovist appeal, July 31, 2006
Epix retains rights to EP-2104R, July 13, 2006
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