Vistagen acquires Pherin Pharmaceuticals for 12.4M shares and 'nominal' cash
Two psychiatric-based drug development companies, Vistagen and Pherin Pharmaceuticals, are merging in a deal worth 12.4 million shares and a “nominal amount” of cash, Vistagen announced Wednesday.
According to SEC filings, Vistagen has estimated that the amount of cash will be under $50,000. Vistagen has also agreed to pay Pherin’s merger-related fees up to $325,000.
By acquiring Pherin, Vistagen will take over the company’s existing drug pipeline, including two advanced products and three in the early clinical stage. Vistagen focuses on disorders like anxiety and depression, while Pherin develops neuroactive steroids, known as pherine compounds, for neuropsychiatric and neuroendocrine conditions.
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