Versicor Inc and Biosearch Italia SpA announced that the shareholders of both companies voted in favor of the proposed merger between the two companies, to create an international biopharmaceutical company focused on the discovery, development, manufacturing and commercialization of novel antibacterial and antifungal agents for tough-to-treat infections.
The vote was taken on December 6, during shareholders' meetings of both companies. In late July 2002, Versicor and Biosearch Italia announced that the companies had executed a merger agreement, which is expected to close in the first quarter of 2003. The combined company will have a pipeline of multiple product candidates, including two in Phase III and one in Phase II clinical trials that address the hospital-based antibiotic and antifungal markets. It will also have numerous pre-clinical compounds in development, many of which are oral agents targeting the large global community-based antibiotic market.
"We are pleased that the shareholders of both companies have soundly and decisively recognized the value of the merger. Based on our successful four-year collaboration with Biosearch, we are confident that the merged company can more efficiently bring new antibacterial and antifungal agents to market on a global scale," said George F. Horner III, chief executive officer of Versicor. "Our merger creates a strong product pipeline led by anidulafungin and dalbavancin, a powerful research engine, significant functional synergies and financial critical mass."
"With an experienced scientific and professional staff in the U.S. and Italy, as well as an Italian manufacturing subsidiary, our combined company will have a strong presence in the world's two largest pharmaceutical markets -- North America and Europe," said Claudio Quarta, chief executive officer of Biosearch. "This merger is being driven both by our shared mission to develop novel anti-microbials and our common goal to create direct hospital sales forces in both of these markets."