ViroPharma completes acquisition of Lev Pharmaceuticals

By Lisa Kerner

Charlotte, N.C., Oct. 21 - ViroPharma Inc. completed its acquisition of Lev Pharmaceuticals, Inc. after Lev shareholders approved the merger agreement Tuesday.

Lev stockholders will receive $2.25 in cash, 0.042146 shares of ViroPharma common stock and one non-transferable contingent value right entitling the holder to two CVR payments of $0.50 each upon the achievement of specified milestones.

As previously reported, the CVR payments could deliver up to an additional $174.6 million, or $1.00 per share in cash, if the company meets certain targets related to Lev's orphan drug Cinryze.

The potential net total value of the deal is $617.5 million, a prior news release said.

Cinryze recently received marketing approval by the Food and Drug Administration for routine prophylaxis against angioedema attacks in adolescent and adult patients with hereditary angioedema, ViroPharma said.

According to ViroPharma, an Exton, Pa., biopharmaceutical company, it will issue a total of 7,286,286 shares as part of the merger consideration.

"This transaction provides our stockholders with attractive financial terms, through the upfront payment and the opportunity to continue to share in the success of the drug through the ownership of ViroPharma shares and the contingent value rights," Lev's former chairman of the board Judson Cooper said in the release.

Lev is a New York development-stage biopharmaceutical company.

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