Cellegy acquiring Biosyn

CLGY said it will acquire Biosyn for 2.5 million CLGY shares, valuing Biosyn at $10.6 million based on CLGY's Thursday close of $4.25. CLGY also will pay $3.3 million in cash to cover certain Biosyn (Huntingdon Valley, Penn.) 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 one U.S. Phase III trial to prevent conception. The compound has Fast Track designation.

CLGY said it will retain Biosyn's employees at its current location, including CEO Anne-Marie Corner, who will become SVP, women's preventive health. ...