- Cerecor (CERC) inks an agreement to acquire TRx Pharmaceuticals, including subsidiary Zylera Pharmaceuticals. The deal should close today.
- Under the terms of the agreement, Cerecor will pay $23M upfront, $18.9M in cash and $4.1M in Cerecor common stock, and $4M in stock for Zylera. TRx will be eligible to receive up to an additional $7M based on the achievement of certain regulatory and commercial milestones.
- TRx Pharma's net sales this year should be ~$13M.
- Zylera's product line includes prescription drugs (steroid medications) and dietary supplements (vitamins and fluoride supplements).
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Update: TRx co-founders Randal Jones and Robert Moscato, Jr. will join Cerecor's board and Mr. Moscato will assume the roles of President and Chief Operating Officer. Cerecor interim CEO John Kaiser and Chief Medical Officer Dr. Ronald Marcus have resigned.