Menlo, Foamix stocks set for selloffs after all-stock merger deal [MarketWatch]
FOAMIX PHARMACEUTICALS LTD (FOMX)
Last foamix pharmaceuticals ltd earnings: 11/11 06:00 am
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Source: MarketWatch
Menlo, Foamix stocks set for selloffs after all-stock merger deal Shares of Menlo Therapeutics Ltd. MNLO, -9.96% was indicated down 14% in premarket trading Monday, and Foamix Pharmaceuticals Ltd. FOMX, -30.88% plunged 16%, after the company's announced a merger in which Foamix acquired Menlo in an all-stock deal. Under terms of the deal, each Foamix share will be exchanged for 0.5924 shares of Menlo common stock and a contingent stock right (CSR), which the companies said implies an 18% premium to Menlo's shareholders, based on the 10-day average volume-weighted price. Foamix shareholders will own 59% of the combined company. Menlo's lead product candidate, serlopitant, is being developed as a novel treatment for pruritus (itch), and Foamix's acne treatment Amzeeq has been approved by the Food and Drug Administration. If one of two of the phase 3 trials for serlopitant fails to meet its primary endpoint by May 31, 2020, Foamix shareholders will receive an additional 0.6815 of M
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