BioCryst Pharmaceuticals, a biopharmaceutical company focused on infectious and inflammatory diseases, and privately held Presidio Pharmaceuticals, a San Francisco-based clinical stage specialty pharmaceutical company focused on small molecule antiviral therapeutics, have agreed to the mutual termination of their Merger Agreement and the related Investor Financing Agreement entered into on October 17, 2012.
Although the original rationale for the merger had merit, the parties determined that terminating the merger was in the best interest of both companies and their respective shareholders at this time.
The termination of the transaction has been approved by the board of directors of both companies. In association with the termination, both parties will release each other from all obligations with respect to the proposed transaction. Each company will bear its own legal and transaction fees.