“In view of the vital importance of the merger to BioSante and its stockholders, the board of directors of BioSante concluded it was appropriate to adjourn the meeting and extend the voting period to allow BioSante stockholders the opportunity to vote,” said Dr. Sullivan, chairman of the board of BioSante.
Upon completion of the merger, the combined company will be renamed ANI Pharmaceuticals, Inc. and will operate under the leadership of the ANI management team, with Arthur S. Przybyl serving as president and chief executive officer.
“The entire ANI management team strongly believes that by merging with BioSante we can create value for all stockholders,” said Mr. Przybyl. “The combined strengths of our two companies will be a powerful accelerant to growth.”
BioSante also announced today that its board of directors has declared the distribution of contingent value rights (CVRs) providing payment rights arising from a future sale, transfer, license or similar transaction(s) involving BioSante’s LibiGel® (female testosterone gel) to holders of BioSante common stock and set the close of business on April 12, 2013, the date of the adjourned special meeting of BioSante stockholders, as the record date with respect to such distribution. The CVR distribution will be effected immediately prior to, but contingent upon, completion of the merger.The special meeting of BioSante stockholders will be reconvened at 8:00 a.m., Central Time, on April 12, 2013 at BioSante’s corporate office located at 111 Barclay Boulevard, Lincolnshire, Illinois 60069. BioSante stockholders are encouraged to read the definitive joint proxy statement/prospectus as it provides, among other things, a detailed discussion of the proposed merger, the merger agreement and the process that led to the proposed merger. The record date for the BioSante stockholders entitled to vote at the special meeting remains January 17, 2013. Stockholders who already have given a proxy or instructions to brokers do not need to re-cast their votes.