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2011-10-28 07:00:00 CEST 2011-10-28 07:01:26 CEST REGULATED INFORMATION Biotie Therapies - Company AnnouncementBiotie Terminates the Agreement to Acquire NewronBIOTIE THERAPIES CORP. STOCK EXCHANGE RELEASE 28 October 2011 at 8:00 a.m. (Helsinki time) Biotie Terminates the Agreement to Acquire Newron Biotie Therapies Corp. ("Biotie", NASDAQ-OMX; BTH1V) and Newron Pharmaceuticals S.p.A. ("Newron", SIX; NWRN) have on 27 September 2011 signed a joint merger plan ("Merger Plan") together with a combination agreement for Biotie to acquire Newron through a European Union cross-border merger. On 21 October 2011, Biotie announced that, effective April 2012, Merck Serono will return to Newron the full global rights for safinamide, Newron's lead asset, which is currently in Phase 3 development for Parkinson's disease. Under the terms and conditions of the Merger Plan and the combination agreement, the return of rights from Merck Serono constitutes a Material Adverse Effect, giving Biotie the right but not the obligation to terminate the Merger Plan and the combination agreement. After reviewing this development in relation to safinamide, the Board of Directors of Biotie has notified Newron of its decision to exercise its right to terminate the Merger Plan and combination agreement, without further obligations from Biotie. As a result, Biotie is entitled to a break-up fee of EUR 1,500,000 from Newron. In Turku, 28 October 2011 Biotie Therapies Corp. Board of Directors For further information, please contact: Virve Nurmi, Investor Relations Manager tel. +358 2 274 8911, e-mail: virve.nurmi@biotie.com www.biotie.com Distribution: NASDAQ OMX Helsinki Ltd Main Media [HUG#1559016] |
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