Midatech Pharma PLCNYSE
Dec. 2, 2015, 4:49 PM
- Thinly traded nano cap DARA BioSciences (NASDAQ:DARA) is up 6% after hours on increased volume in response to the company's announcement that its shareholders have approved the adoption of the merger agreement with Oxford, UK-based Midatech Pharma PLC.
- Under the terms of the agreement, DARA stockholders will receive 0.272 of an Midatech ordinary share for each DARA share plus a Contingent Value Right (CVR) that will pay up to an aggregate of $5.7M if sales milestones for Gelclair and Oravig are met in 2016 and 2017.
- Previously: DARA BioSciences merges with Midatech Pharma; shares up 30% premarket (June 4)
Jun. 4, 2015, 9:18 AM
- Thinly traded nano cap DARA BioSciences (NASDAQ:DARA) merges with Oxford, UK-based Midatech Pharma PLC (AIM:MTPH). Each share of DARA will be converted into the right to receive 0.272 ordinary shares of Midatech plus one Contingent Value Right (CVR). All Midatech shares will be delivered to DARA stockholders as American Depositary Receipts (ADRs). Based on the current price of Midatech, the deal is worth ~$1.20 per DARA share. DARA shareholders will own ~16% of Midatech after the merger.
- The CVRs will pay an aggregate of $5.7M in cash if sales milestones for DARA's Gelclair and Oravig are met in 2016 and 2017.
- DARA is up 30% premarket on robust volume.