Biota Holdings to merge with Nabi
Biota and Nabi are to combine.
Nabi Biopharmaceuticals and Biota Holdings have revealed they have signed a Merger Implementation Agreement.
This should result in the creation of a combined enterprise, which will be headquartered in the US and listed on the Nasdaq.
Biota and Navi may have to use negotiation techniques, as the tie-up requires approval from shareholders from both firms, as well as independent reports asserting a combination will be in the best interests of those with stakes in the companies.
A number of other conditions will also have to be met before the deal can take place.
Nabi Biopharmaceticals posted a net loss of $4.5 million (£2.8 million) for the full year ended December 31st 2011, which equates to 11c per share.
Chairman of Biota Jim Fox explained being listed on the Nasdaq will give his firm "access to the largest healthcare capital market in the world".
"We believe this is a necessary step to increase our options for the development and commercialisation of our product portfolio," he added.
Posted by David Gleck
Source: Biota press release, April 23rd