Biotie Terminates the Agreement to Acquire Newron
(Thomson Reuters ONE) -
BIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE 28 October
2011 at 8:00 a.m. (Helsinki time)
Biotie Terminates the Agreement to Acquire Newron
Biotie Therapies Corp. ("Biotie", NASDAQ-OMX; BTH1V) and Newron Pharmaceuticals
S.p.A. ("Newron", SIX; NWRN) have on 27 September 2011 signed a joint merger
plan ("Merger Plan") together with a combination agreement for Biotie to acquire
Newron through a European Union cross-border merger.
On 21 October 2011, Biotie announced that, effective April 2012, Merck Serono
will return to Newron the full global rights for safinamide, Newron's lead
asset, which is currently in Phase 3 development for Parkinson's disease. Under
the terms and conditions of the Merger Plan and the combination agreement, the
return of rights from Merck Serono constitutes a Material Adverse Effect, giving
Biotie the right but not the obligation to terminate the Merger Plan and the
combination agreement.
After reviewing this development in relation to safinamide, the Board of
Directors of Biotie has notified Newron of its decision to exercise its right to
terminate the Merger Plan and combination agreement, without further obligations
from Biotie. As a result, Biotie is entitled to a break-up fee of EUR 1,500,000
from Newron.
In Turku, 28 October 2011
Biotie Therapies Corp.
Board of Directors
For further information, please contact:
Virve Nurmi, Investor Relations Manager
tel. +358 2 274 8911, e-mail: virve.nurmi(at)biotie.com
www.biotie.com
Distribution:
NASDAQ OMX Helsinki Ltd
Main Media
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Source: Biotie Therapies Oyj via Thomson Reuters ONE
[HUG#1559016]
Unternehmensinformation / Kurzprofil:
Datum: 28.10.2011 - 07:01 Uhr
Sprache: Deutsch
News-ID 81328
Anzahl Zeichen: 2365
contact information:
Town:
Turku
Kategorie:
Business News
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