Raptor Pharmaceuticals and TorreyPines Therapeutics Receive Stockholder Approvals to Merge
Merger to Create NASDAQ-Listed Biopharmaceutical Company named Raptor Pharmaceutical Corp.
Raptor Pharmaceuticals Corp. announced that its stockholders approved the proposals to complete the proposed merger with TorreyPines Therapeutics, Inc. at its annual meeting of stockholders. Concurrently, at the annual meeting of its stockholders, TorreyPines stockholders approved all of the proposals related to the merger with Raptor. The merger is expected to close after the satisfaction or waiver of all closing conditions specified in the merger agreement including customary regulatory approvals.
On July 27, 2009, Raptor and TorreyPines entered into a definitive merger agreement. Immediately following completion of the merger, TorreyPines will change its name to "Raptor Pharmaceutical Corp." and common stock in the combined company will trade on The NASDAQ Capital Market under the symbol "RPTP." The merger of Raptor and TorreyPines would create a biopharmaceutical company with a pipeline of mid- to late-stage clinical development candidates and preclinical drug targeting platforms designed to improve drug delivery of existing therapeutics for orphan indications and underserved patient populations.
Under terms of the merger agreement, which were unanimously approved by the boards of directors of Raptor and TorreyPines, Raptor will be merged with and into a wholly-owned subsidiary of TorreyPines upon closing. TorreyPines will issue, and Raptor stockholders will receive, shares of TorreyPines common stock such that Raptor stockholders will own 95%, and TorreyPines stockholders will own 5%, of the combined company.
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