MediciNova, Avigen Merge To Boost Ibudilast Efforts

Law360, New York (August 21, 2009, 11:57 AM EDT) -- MediciNova Inc. announced Friday it had entered into a merger deal in which it will buy Avigen Inc., allowing the biopharmaceutical companies to combine their neurological clinical development efforts regarding anti-inflammatory drug ibudilast.

Under the terms of the merger agreement, which has been approved by both companies' boards of directors, Alameda, Calif.-based Avigen shareholders will have the right to elect to receive approximately $1.24 per share in either cash or secured convertible notes to be issued by San Diego-based MediciNova.

With some 29.8 million Avigen shares...
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