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Zila goes to Tolmar

This article was originally published in The Gray Sheet

Executive Summary

Maker of the ViziLite Plus screening product for the early detection of oral abnormalities that could lead to cancer is acquired by dental pharmaceutical firm Tolmar Holding for $4 million in cash, plus the assumption of $12 million in Zila debt, the firm announces June 25. "We are fortunate to have entered into this merger agreement with Tolmar, given Zila's current financial condition and our inability to access the financial markets," said Zila CEO David Bethune. Tolmar will pay $0.38 for each of Zila's 10.4 million shares outstanding, an 18% premium over the June 24 close of $0.32
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