ANI poised to take over BioSante
pharmafile | April 15, 2013 | News story | Sales and Marketing | ANI, biosante
US firms BioSante Pharmaceuticals and ANI Pharmaceuticals have tweaked the terms of the merger they announced last year, and which is now expected to go through ‘later in 2013’.
Former ANI shareholders will still own 57% of the combined company with BioSante shareholders taking the other 43% – but these ownership percentages will not now be subject to adjustment.
The new entity is to be led by the ANI management team, with Arthur Przybyl in overall charge as president and chief executive and the board having two current directors from BioSante and four from ANI.
BioSante´s candidates include the Phase III LibiGel (transdermal testosterone gel) for female sexual dysfunction, specifically hypoactive sexual desire disorder, and Pill-Plus, an oral contraceptive which Pantarhei Bioscience has in Phase II.
Its products on the market include an FDA-approved testosterone gel for male hypogonadism, licensed to Teva Pharmaceuticals, and Elestrin (estradiol gel) for the treatment of hot flushes associated with menopause, marketed in the US by Meda Pharmaceuticals.
Just before the merger goes through, BioSante shareholders will get contingent value rights (CVRs) providing payment rights arising from a future sale, transfer or licence involving LibiGel, including if ANI decided to market the product on its own based on BioSante’s clinical data.
The new agreement has been approved by both existing boards of directors but also needs to be given the thumbs-up from shareholders – a course of action that BioSante’s directors is at pains to point out is in the best interests of the company.
“As previously stated, the BioSante Board of directors strongly believes that the proposed merger with ANI is the best alternative for BioSante stockholders,” the Board said in a statement.
“If a merger is not approved, BioSante will remain a standalone company and still will need to address the issues and risks that led the BioSante Board of directors to approve the prior merger with ANI,” it went on.
The merger “will create more value for BioSante stockholders in the long-term than BioSante could create as an independent, stand-alone company”, the directors warned.
ANI develops both branded and generic drugs and acts as a contract manufacturer for other pharma companies.
Adam Hill
