STORY UPDATE
NEW YORK—October 5, 2006—Citing a variety of factors, including the recent receipt of a $16.5-million grant from the NIH in support of its antiviral programs, SIGA Technologies announced it had terminated its Agreement and Plan of Merger with PharmAthene. The decision follows the terms of the original agreement SIGA signed with its biodefence neighbor.
ANNAPOLIS, Md.—Looking to become a major player in the biodefense marketplace, PharmAthene and SIGA Technologies announced the signing of a definitive agreement to merge under the PharmAthene name. The agreement has already met with approval of both companies Boards of Directors, but is still subject to shareholder and regulatory approval and other customary closing conditions. It is expected to close in Q3 2006.
"Combining PharmAthene's strong development and commercialization capabilities and procurement-stage biodefense products with SIGA's procurement-stage smallpox antiviral treatment, ST-246, and exceptional research pipeline, establishes a premier biodefense organization with multiple procurement-stage products with near-term revenue potential, and a broad research pipeline focused on biodefense and emerging infectious diseases," says David Wright, PharmAthene president and CEO, who will retain these titles in the new company.
