BioTechnology General of Israel has entered into a definitive merger agreement with Gynex Pharmaceuticals Inc of the USA. Under the terms of the agreement, approved by both companies' boards of directors, BTG will exchange newly-issued shares of its common stock for all outstanding shares of Gynex common stocks, at a fixed ratio of 0.61 shares of BTG stock, based on market value of $3.66 per share, and submit this proposal for approval by stockholders of each company, and required regulatory approvals. The two firms expect the transaction to close by early July.
Gynex develops and markets pharmaceutical products for use in endocrinology, urology, metabolism, AIDS and gynecology. Its products include oral, sublingual and injectable dosage forms of drugs for the treatment of: Turner's syndrome; constitutional delay of growth and puberty in boys; hypogonadism; cachexia; and alcoholic hepatitis. It also has a contraceptive using a patented oral dosing regimen.
The merger of BTG and Gynex represents an important step for BTG and its stockholders. The resulting operation will be significantly stronger because of its combined portfolios of both short- and long-term pharmaceutical products.
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