BioTie Therapies Corp. Axes $63 Million Agreement to Acquire Newron Pharmaceuticals
Published: Oct 28, 2011
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
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Virve Nurmi, Investor Relations Manager
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