Aradigm shareholders approve collaboration transaction with Grifols

theflyonthewall.com

Aradigm Corporation announced that the company’s shareholders approved all proposals at the Special Meeting of Shareholders held on July 15, including those related to the license agreement with Grifols, S.A. for Aradigm’s proprietary formulations of inhaled ciprofloxacin for the treatment of severe respiratory diseases, including non-cystic fibrosis bronchiectasis. In conjunction with the licensing agreement, Grifols will acquire 35% of Aradigm’s common stock on a fully diluted basis at a price per share of $0.124 for a total investment of approximately $26M. The transaction remains subject to certain closing conditions and is expected to close in the third quarter of 2013.

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