Recro Pharma’s Board of Directors Approves Separation of Acute Care Business Segment and Declares Special Dividend Distribution of Baudax Bio Common Stock
Recro Pharma, Inc. (REPH)
Last recro pharma, inc. earnings: 11/8 07:00 am
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Source: GlobeNewswire
MALVERN, Pa., Nov. 05, 2019 (GLOBE NEWSWIRE) -- Recro Pharma, Inc. (NASDAQ:REPH), a specialty pharmaceutical company with a high-performing revenue generating contract development and manufacturing (CDMO) division, today announced that its board of directors has approved the planned spin-off of its Acute Care business segment, which will be known as Baudax Bio, Inc. and declared a special dividend distribution of all outstanding shares of Baudax Bio common stock. For every two and one half (2.5) shares of Recro common stock held of record as of the close of business on November 15, 2019, Recro shareholders will receive one (1) share of Baudax Bio common stock. Shareholders will receive cash in lieu of fractional shares. The special dividend distribution is expected to be paid on November 21, 2019. The distribution of Baudax Bio common stock will complete the separation of the Acute Care business segment from Recro. After the separation, Baudax Bio will become an independent, pub
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