Molecular Biosystems Weighing Options After Palatin Exits Merger Talks
This article was originally published in The Gray Sheet
Executive Summary
Molecular Biosystems, Inc. is exploring alternatives to a previously planned merger with Palatin Technologies and expects to reach a decision by mid-April, following Palatin's March 14 decision not to proceed with the deal. Options under consideration include remaining independent or looking for another merger partner, MBI says.
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Molecular Biosystems
Cost reduction program will include laying off 33 of the company's 56 employees and discontinuing development for its MB840 liver imaging agent to save $5 mil. annually, the company announces March 30. The move follows Palatin Technologies' March 14 decision not to proceed with a planned merger between the two imaging agent developers (1"The Gray Sheet" March 20, p. 15). MBI plans to focus solely on its Optison imaging agent