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La Jolla Pharmaceutical merges with Adamis Pharmaceuticals
January 2010
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SAN DIEGOŚAdamis Pharmaceuticals Corp., a commercial-stage specialty pharmaceutical company targeting allergy, respiratory and pediatric medicine market segments, will take over La Jolla Pharmaceutical Co., a biopharmaceutical company that until now has focused on lupus treatments, in a reverse merger, the two companies announced in December. Once the deal is completed, the combined company will develop drugs for viral diseases, such as hepatitis and influenza. Under the reverse merger, La Jolla will acquire Adamis, turning it into a wholly owned subsidiary. In exchange, Adamis shareholders will acquire a controlling interest in La Jolla. The new company will have between $2.5 million and $3 million of cash at the closing of the transaction, after accounting for all liabilities and transaction-related expenses.

 

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