Foamix Pharmaceuticals, an Israeli pharmaceutical company with its U.S. headquarters in Bridgewater, announced on Thursday a merger agreement with Redwood City, California-based Menlo Therapeutics, a late-stage biopharmaceutical firm.
Under the deal, Giants Merger Subsidiary Ltd., a subsidiary of Menlo, will merge with and into Foamix, with Foamix surviving as a wholly-owned subsidiary of Menlo.
“We are pleased with the outcome of today’s extraordinary general meeting and thank our shareholders for their support for this combination,” Foamix CEO David Domzalski said. “The combination of Menlo with Foamix will accelerate our progression in becoming a leading dermatology-focused company with several late-stage assets.”
“I would like to thank our stockholders for their overwhelming support of this transaction,” Menlo CEO Steve Basta said. “The combined company will be well positioned to develop and commercialize therapies to address the needs of patients with dermatologic conditions. We believe that together we have the potential to generate long-term, sustainable value for stockholders and superior solutions and choices for patients.”
The merger is expected to be complete in early March. It if closes before May 31 as planned, at closing, Menlo will issue 0.5924 shares of common stock for each outstanding share of Foamix, with those issued shares collectively representing 59% of the combined company.
Financial and other terms were not disclosed.