Synergen Inc. said Thursday it has offered to purchase all ofthe units in its Synergen Development Partners Ltd. researchand development partnership.
If the partners agree, Synergen will own exclusive rights toelastase inhibitor (SLPI), collagenase inhibitor (FIBAC) andtrypsin inhibitor (HPSTI). Synergen hopes to close the deal byAug. 26.
Synergen would purchase the assets with common stock(NASDAQ:SYGN) having a current market value of $9.3 million,plus warrants to purchase 139,500 shares of stock. Thewarrants are immediately convertible. If the offer iscompleted, Synergen will have about 14 million sharesoutstanding.
For each unit owned, each partner will receive stock worth$10,000 plus warrants to buy 150 shares of stock at a 125percent premium to a strike price that will be determined byformula. The units were sold in 1983 in blocks of four at$10,000 per unit. Synergen raised $9.3 million at that time.
Synergen stock closed Thursday at $39.25 up 75 cents.
The transaction will be reflected in Synergen's third-quarterresults as a purchase of net assets, which will appear as aone-time, non-cash expense of about $11 million.
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