Tenby Pharma changes name to Sirion

Florida, USA-based Tenby Pharma says that it has changed its corporate name to Sirion Holdings. This comes after a recent transaction whereby Sirion Therapeutics became a wholly-owned subsidiary. From Tenby Pharma's inception until the consummation of the Sirion acquisition, the former was a shell company with no business or operations and only nominal assets.

Pursuant to the transaction, Sirion's former stockholders acquired control of Tenby Pharma and this became the parent holding company for Sirion and its businesses. Additionally, in connection with the deal, Tenby Pharma secured $25.0 million in financing from a group of affiliated institutional investors to develop and commercialize the Sirion portfolio of products.

"With the acquisition and change of control, Tenby ceased to operate as a shell company. We believe that the new name more effectively identifies our post-transaction company with the name and brand of our primary business and operating subsidiary, Sirion Therapeutics," said Susan Benton, chief commercial officer of Sirion Therapeutics.