Date: Nov 19, 2008 Author: John Carroll Source: Fierce (
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Archemix wasn't able to pull off an IPO this year, but they've found their way to the public market nevertheless. In a deal announced this morning, Archemix will merge with the publicly traded NitroMed, which recently sold off the assets of its only commercial product.
In the all-stock deal shareholders for Archemix, which is developing aptamers, will get 70 percent of the company and NitroMed shareholders will gain the remaining 30 percent. NitroMed expects to have $50 million to $60 million on hand once its sale of BiDil is completed.
NitroMed Chief Executive Kenneth M. Bate will be CEO of the combined operation.