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Synergy Pharma Closes Merger With Callisto

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Synergy Pharmaceuticals Inc. (SGYP) said Thursday that it has closed its previously announced merger with Callisto Pharmaceuticals Inc.

As per the terms of the merger, as amended, each outstanding share of Callisto common stock was converted into the right to receive 0.1799 of one share of Synergy common stock and the about 22.3 million shares of Synergy held by Callisto were canceled.

Consequently, effective as of the close of business today, Callisto's common stock will no longer be traded on the OTC QB.

Each share of Synergy common stock received in connection with the merger will be subject to a lock-up beginning January 17, 2013 and ending on the earlier of (i) January 17, 2015, (ii) a change in control of Synergy (as defined in the merger agreement), or (iii) written consent of Synergy, at Synergy's sole discretion.

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by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

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Editors Pick
After turning lower over the course of the previous session, stocks are likely to move back to the upside in early trading on Thursday. The major index futures are currently pointing to a sharply higher open for the markets, with the Dow futures up by 136 points. U.K. retail sales declined more-than-expected in September, driven by a sharp contraction in clothing sales. Retail sales fell 0.3 percent in September from a month ago, when it rose 0.4 percent, the Office for National Statistics said Thursday. This was the first drop in four months. Economists had forecast a 0.1 percent drop for September. Food sales recovered in September. The private sector in the eurozone logged a marginal upturn in October helped by an improvement in Germany, while France moved deeper into contraction, flash data from Markit Economics revealed Thursday. The headline flash Markit composite output index rose to 52.2 in October from a 10-month low of 52 in September. The score was forecast to fall to 51.5.
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