BioCentury
ARTICLE | Company News

Biota, Nabi deal

October 29, 2012 7:00 AM UTC

Nabi and Biota set the exchange ratio in the companies' proposed merger via a stock deal. Nabi will acquire all of Biota Holdings' shares at a rate of about 0.125 new Nabi shares for one Biota share. The ratio is based on the 10-day volume-weighted average price of Biota's shares for Oct. 8-19 and reflects Nabi's one-for-six reverse stock split, which will take effect on Nov. 9. Following the close, Nabi will be renamed Biota Pharmaceuticals Inc. Biota shareholders will own about 83% of the merged company, and Nabi shareholders will own about 17%. Nabi shareholders approved the proposed merger last week at a special shareholders meeting. Biota shareholders also approved the proposed merger last week. ...