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Friday, Nov 30
2012, 2:58 PM
BioCryst (BCRX +7.5%) is up after terminating its merger agreement with private Presidio...
BioCryst (BCRX +7.5%) is up after terminating its merger agreement with private Presidio Pharmaceuticals, which was contingent on BioCryst securing $60M in financing. However, shares are well off their morning highs. BioCryst had agreed to buy Presidio in an all-stock deal once valued at $101M, but its shares had been cut in more than half since then thanks to a withdrawn application for a hepatitis drug, and the ending of trials for a flu drug. SA's PropThink expects BioCryst to remain on the hunt for fresh capital.