DURHAM, NC – BioCryst Pharmaceuticals (Nasdaq: BCRX) is merging with San Francisco-based Presidio Pharmaceuticals and will retain its Triangle headquarters under a new name, which hasn’t been disclosed.
Along with its Durham headquarters, the company will have facilities in San Francisco and in Birmingham, Ala. BioCryst CEO Jon Stonehouse will serve as CEO, and Kenneth Galbraith, chairman of Presidio, will be the non-executive chairman of the board.
The companies have signed a definitive merger agreement for privately held Presidio to be acquired by BioCryst in an all-stock transaction that has been approved by the boards of both companies.
Presidio has been valued at about $101 million in the transaction, expected to close in the first quarter of 2013. The merger is subject to shareholder approval, as well as the completion of at least $60 million in equity financing.
BioCryst will issue a total of 24.5 million shares of common stock to Presidio’s shareholders in exchange for Presidio’s outstanding shares.
Stonehouse says all 19 Presidio employees have jobs and will remain in San Francisco. BioCryst’s more than 70 employees won’t have to move either, he says, adding that moving the new company’s headquarters outside of Durham was never considered.
The companies have been working on the transaction for “a few months,” according to Stonehouse, who says, “The private company Presidio and the public company Biocryst was a one plus one… equals more than two.”
As for the new company’s name? “We have one, but we feel that’s better unveiled at the close,” he says.
BioCryst’s late-stage drugs include a flu treatment and a gout treatment. Preclinical programs include a hepatitis C treatment. Presidio focuses on therapies for hepatitis C.