Sontra, Echo merge in $15m stock deal:
This article was originally published in Clinica
Sontra Medical and Echo Therapeutics are merging to bring together their respective know-how in transdermal drug delivery technologies. Franklin, Massachusetts-based Sontra specialises in transdermal delivery and is better known for its SonoPrep ultrasound-mediated skin permeation technology. Echo, based in Durham, North Carolina, develops transdermally-delivered drugs. Under the terms of the agreement, Sontra will acquire all Echo stock in exchange for 6.25 million Sontra shares. Based on Sontra's closing share price of $2.39 the day before the announcement (September 16), this gives the transaction a total value of $14.9m.