Cellegy, Biosyn deal

CLGY said it will acquire Biosyn for 2.5 million shares, valuing Biosyn at $10.6 million based on CLGY's Oct. 7 close of $4.25. CLGY also will pay $3.3 million in cash to cover certain Biosyn liabilities. In addition, CLGY will pay up to $15 million upon the launch of Biosyn's lead product, Savvy (C31G), in the U.S. and major overseas markets. The intravaginal gel formulation of the antimicrobial glyminox is in two African Phase III trials to prevent HIV transmission and is in one U.S. Phase III trial to prevent conception. The compound has Fast Track designation. ...