Inhibitix shareholders have approved the acquisition of FermaVir Pharmaceuticals in an all-stock deal worth some $17 million.
Inhibitix (Nasdaq: INHX), a biopharmaceutical firm, agreed to buy FermaVir in April with 20.8 million shares of FermaVir to be converted to some 11.4 million shares of Inhibitix stock.
Inhibitix shares traded at $1.48 on Thursday.
By acquiring FermaVir, Inhibitix will add a treatment for shingles and other potential herpesvirus treatments.
“The closing of this transaction represents another significant step forward in our effort to build a diverse pipeline of high-value, differentiated anti-infectives, each of which has the potential to improve upon the standard of care,” said Russell Plumb, chief executive officer at Inhibitix.
FermaVir is based in New York.