Novacea is being taken over by Transcept Pharmaceuticals in an all-stock deal that will leave Novacea shareholders holding 40 percent of the combined operation. The new company will be called Transcept and will be run by Transcept executives.
For Transcept, the merger deal gives the company added resources to launch its insomnia drug Intermezzo later this year.
"Since announcing our plans to seek strategic alternatives following termination of the ASCENT-2 study, our priority has been to identify a merger candidate with a late-stage product opportunity that we believe has the potential to provide meaningful long-term value to our stockholders," said Novacea CEO John Walker.
- take a look at Novacea's release
- read the report from RTT News