Fero plans merger with Pyro Pharma
Canada's Fero Industries has entered into an interim accord with Pyro Pharmaceuticals of California, USA. The latter is engaged in the business of developing therapeutics against multi-drug resistant infectious microorganisms.
A definitive agreement will be entered into as soon as possible but no later than January 15, 2009, with closing to occur on or before February 27, 2009 and will be subject to certain terms and conditions. The final deal will provide for the exchange of each of the company's common stock, with Fero remaining as the parent entity and Pyro a wholly-owned subsidiary. Financial terms of the transaction were not disclosed.
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