Repros Therapeutics Inc (NASDAQ:RPRX) has announced entering into an agreement with Allergan plc (NYSE:AGN) that will see the later acquire Repros. Allergan will buy Repros for $0.67 per share.
The agreement has already been approved and the transaction unanimously approved by the Board of Directors of both companies. The acquisition agreement as well as the closure of the tender are bother subject to all customary closing conditions.
As one of the terms of the agreement, a subsidiary of Allergan is expected t start a cash offer to buy all the outstanding shares of Repros at the rate of $0.67 per share.
According to the agreement, Allergan will acquire all untendered shares of Repros through a second-step merger which is expected to be completed as soon as possible after closing the tender offer. Repros expects the transaction to be closed by the end of the first quarter of 2018.
In another media release dated December 12, Repros is working on drugs to treat both male and female reproductive diseases. Additionally, the pharmaceutical company is also developing Proellex which is expected to treat fibroids of the uterus.
This merger agreement comes barely months after the appointment of Dr. Larry Dillaha as a top executive of Repros. He was appointed to fill in the position of Joseph Podolski who exited the company in February. Dr. Larry has been serving as the company’s CEO in interim capacity. Podolski left the company to pursue other personal interests. The company remains optimistic that under Dillaha, it will go to greater heights.
Allergan has been majorly involved in the development of both vaginal and oral the drug. The company is currently developing six therapeutic areas of interest. The areas of interest are mainly focused on women health. The company has announced that it is developing another candidate for fibroids and is currently in the final stages of development. The company’s vaginal drug has shown impressive progress and will be used in the treatment of endometriosis pain. The drug is currently in the second phase of development.