Published on November 13, 2009 at 2:56 AM
Peplin, Inc. (ASX:PLI) today announced that it has completed its merger with LEO Pharma A/S (LEO) after obtaining the approval of the majority of Peplin stockholders. The deal was originally announced on 3 September, 2009 when LEO, a privately-held, leading global pharmaceutical company within Dermatology and Critical Care, agreed to acquire all outstanding securities of Peplin for approximately US$287.5 million in cash. The merger consideration will be distributed to holders of common stock and CDIs promptly.
Peplin will operate as a US-based LEO subsidiary with George Mahaffey, formerly Peplin’s Chief Commercial Officer, promoted to lead the company as Chief Executive Officer. Dr. Eugene Bauer will continue with Peplin as the President and Chief Medical Officer and Dr. Peter Welburn will also maintain his role as General Manager, Australia and Vice President, Research and Development. Peplin will retain other key management and employees and plans to continue operations in Emeryville, California and Brisbane, Queensland.
Peplin’s lead product candidate, PEP005 Gel is currently in Phase 3 clinical trials for actinic (solar) keratosis (AK), a common pre-cancerous skin lesion, on both head and non-head locations. Peplin CEO George Mahaffey said “We are excited to be part of the LEO Pharma organization and look forward to combining resources to efficiently register PEP005 Gel for the benefit of AK patients worldwide.”
President and CEO of LEO Pharma, Gitte Aabo, said “We are very pleased that the merger is now complete and look forward to focusing our energy on developing PEP005 as quickly as possible for the benefit of patients. In addition, LEO Pharma would like to express its appreciation for the professionalism and dedication that the people of Peplin have shown in developing PEP005.”
Source Peplin, Inc.