BioCryst Pharmaceuticals has failed to get approval from the stockholders for its merger deal with Idera Pharmaceuticals.
Idera said that majority of its stockholders voted in favor of the adoption of the merger agreement with BioCryst.
BioCryst will pay $6m as transaction-related expenses to Idera, as per terms of the merger agreement.
BioCryst Pharmaceuticals president and CEO Jon Stonehouse said: “We respect and understand the views of our stockholders and are moving forward fully-focused on executing our business plan as a standalone company.
“The BioCryst Board and management team remain confident in BCX-7353 and our ability to execute on our plan and advance our programs.”
In January this year, BioCryst signed a merger agreement with Idera to create a new entity focused on the development and commercialization of medicines for the treatment of patients with rare diseases.
Under the deal, BioCryst agreed to own 51.6% of the stock of the combined firm, while Idera agreed to own the remaining 48.4% in the combined company.
BioCryst is engaged in the design and development of novel small-molecule medicines for both common and rare conditions.
The firm has various ongoing development programs, including a preclinical program to develop oral Alk-2 inhibitors for the treatment of fibrodysplasia ossificans progressiva (FOP).
Its development programs also include BCX735, an oral treatment for hereditary angioedema, and galidesivir, a potential treatment for filoviruses.
BioCryst’s first approved product is Rapivab (peramivir injection), which a viral neuraminidase inhibitor for the treatment of influenza.
The firm secured regulatory approval for Rapivab in the US, Canada, Japan, Taiwan, Australia, and Korea.
Idera is a clinical-stage patient-focused biopharmaceutical firm engaged in the development of novel nucleic acid therapeutic approaches to treat certain cancers and rare diseases.
The firm has designed third-generation antisense technology to inhibit the production of disease-associated proteins by targeting RNA.
Idera CEO Vincent Milano said: “The Board and shareholders of Idera overwhelmingly supported the proposed merger with BioCryst based on the strategic rationale, operating synergies and opportunity to create a stronger and more diversified rare-disease, focused organization.”