Inkine Pharmaceutical (NASDAQ:INKP)
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InKine Pharmaceutical Company, Inc. (Nasdaq: INKP) and
Salix Pharmaceuticals, Ltd. (Nasdaq: SLXP) announced that earlier
today the shareholders of both companies approved the merger of the
two companies, creating the largest US specialty pharmaceutical
company focused exclusively on gastroenterology. Subject to a
certificate of merger being filed with the New York Department of
State and other standard closing conditions, the merger is expected to
become effective later today.
Based on Salix's stock price over the 40 trading days ending two
days prior to the expected closing date, as a result of the merger,
InKine shareholders will receive newly issued shares of Salix common
stock for InKine shares owned based on an exchange ratio of 0.1737 of
a share of Salix common stock for each share of InKine common stock.
Once the merger has closed, InKine will continue as a wholly owned
subsidiary of Salix, and InKine's stock will cease trading on the
NASDAQ Capital Market as of the close of business of the closing date.
About InKine Pharmaceutical
InKine Pharmaceutical Company, Inc. is a publicly traded specialty
pharmaceutical company focused on developing and commercializing
pharmaceutical products for the diagnosis and treatment of
gastrointestinal disorders. InKine's development strategy has been to
acquire late-stage drug candidates with short time lines to
commercialization. InKine's franchise product, Visicol(R) is the only
tablet purgative preparation indicated for bowel cleansing prior to
colonoscopy. InKine's second product, IB-Stat(R), is an oral
hyoscyamine spray for the treatment of a variety of indications.
Additionally, InKine is developing INKP-102, an advanced generation
purgative, for which we recently submitted a new drug application to
FDA for bowel cleansing prior to colonoscopy and developing Visicol(R)
for use as a laxative in treating patients with chronic constipation.
For further information, please visit InKine on its web site
http://www.inkine.com.
Please Note: This press release contains forward-looking
statements regarding future events, including specifically the
anticipated closing later today of the merger of Salix and InKine and
the risks associated with the success of the combined company if it
does close. These statements are just predictions and are subject to
risks and uncertainties that could cause the actual events or results
to differ materially. These risks and uncertainties include risks that
the merger does not close, including due to a failure of one of the
parties to satisfy closing conditions, management of rapid growth,
risks of regulatory review and clinical trials, market acceptance of
approved products, competition, intellectual property risks, and the
need to acquire additional products. The reader is referred to the
documents that InKine files from time to time with the Securities and
Exchange Commission. Given these risks and uncertainties, any or all
of these forward-looking statements may prove to be incorrect.
Therefore, you should not rely on any such forward-looking statements.
Furthermore, InKine does not intend (and it is not obligated) to
update publicly any forward-looking statements. This discussion is
permitted by the Private Securities Litigation Reform Act of 1995.