Repros Therapeutics Inc (NASDAQ:RPRX) reported that post an Oral Explanation, it has obtained feedback that a negative opinion is probably to be received in next month from the CHMP, a committee of the EMA, for the centralized MAA for enclomiphene for the cure of secondary hypogonadism previously filed to the EMA by the firm’s U.K. subsidiary unit, Renable Pharma Limited.
Repros Therapeutics focus remains on the advancement of small molecule medicines for key unmet medical needs that treat female and male reproductive disorders. In an unrelated news, the company reported that it has finalized a definitive deal under which Allergan plc, through a subsidiary, will buy Repros for $0.67 a share. The firm’s Board has unanimously permitted the deal.
Following the terms of the merger deal, a subsidiary unit of Allergan will start a cash tender offer to buy all of the due shares of Repros stock for $0.67 a share. The closing of this tender offer is dependent on customary closing conditions, counting the tender of a majority of the due shares of Repros common stock.
This merger deal considers that Allergan, through its subsidiary unit, will buy any stock of Repros that are not offered into the plan through a second-step deal, which will be closed as soon as feasible post the closing of the offer. Pending approvals, Repros Therapeutics expects the deal will conclude during the first quarter of next year.
Stifel, Nicolaus & Company, Incorporated will be the financial advisor to company, while Morgan, Lewis & Bockius LLP would be serving as legal counsel. The legal counsel for Allergan will be Covington & Burling LLP.
In the last trading session, the stock price of Repros gained more than 2% to close the day at $0.6381. The gains came at a share volume of 725,160 compared to average share volume of 1.14 million.