Progen and Avexa to merge
This article was originally published in Scrip
Executive Summary
The Australian biotechnology companies Progen Pharmaceuticals and Avexaare set to merge. Progen has proposed to shareholders a A$20 million ($13.9 million) share buyback option at A$1.10 per share, to be completed before the merger. The combined company, which will be called Avexa Pharmaceuticals, will have around A$60 million in cash at the close of the transaction.