Fried Frank acted as counsel to Goldman Sachs as financial advisor to Idera Pharmaceuticals, Inc. (NASDAQ: IDRA) in its definitive merger agreement with BioCryst Pharmaceuticals, Inc. (NASDAQ: BCRX) to form a new enterprise focused on the development and commercialization of medicines to serve more patients suffering from rare diseases. Each share of Idera common stock will be exchanged for 0.20 shares of the new company stock and each share of BioCryst common stock will be exchanged for 0.50 shares of the new company stock. Idera stockholders will own 48.4% of the combined company and BioCryst stockholders will own 51.6%. The transaction has been approved by the boards of directors of both companies and is expected to close in the second quarter of 2018, subject to customary closing conditions.
The Fried Frank team was led by corporate partner Philip Richter and included corporate associate Roy Tannenbaum and corporate law clerk Asiya M. Ubaid.