Gardant spins off Accura Pharma

By Lisa Kerner

Erie, Pa., April 21 - Gardant Pharmaceuticals, Inc. said it spun off subsidiary Accura Pharma plc at the close of business on Friday, at which time shareholders received 1.7 shares of Accura Pharma for every one share of Gardant.

Shares, expected to be mailed on or about May 15, will be restricted for six months.

Accura is a privately held emerging pharmaceutical company in the process of listing its shares on a public exchange in the United Kingdom.

Gardant had announced plans to spin off a number of its operating subsidiaries to its shareholders, in part to give Gardant more clarity in its ongoing business activities.

In the next few months, the company intends to dividend to shareholders its holdings in two oncology-focused companies, a dermatology company, a specialty pharmaceutical company and an anti-viral company.

Gardant is a pharmaceutical development organization based in New York.

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