Exton’s Idera Pharmaceuticals has signed a merger agreement with BioCryst Pharmaceuticals – which is headquartered in Durham, N.C., and has a research center in Alabama – to create a new company focused on the development and commercialization of medicines for rare diseases, writes Tyler Patchen for the Birmingham (Ala.) Business Journal.

Once the merger is complete, the new company will be renamed and led by Idera CEO Vincent Milano. He will also serve as a board member for the new company, which will be headquartered in Exton. BioCryst Chairman Robert Ingram will serve as the combined company’s chairman of the board.

The merger of Idera and BioCyst will take advantage of their combined expertise and assets to become a comprehensive and sustainable biotechnology leader for rare diseases.

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With both companies currently involved in major drug developments and pursuing FDA approvals, there will be around $243 million in net cash between them. There will also be opportunities to add further, non-dilutive capital to fund internal clinical development efforts and commercial launch efforts.

“By merging our unique talents, experiences, and assets, we instantly strengthen our ability to become a significant force for patients suffering from a broad range of rare diseases,” said Milano.

Read more about the merger in the Birmingham (Ala.) Business Journal here.

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