Allergan has agreed to acquire Repros Therapeutics, a development-stage biopharmaceutical company headquartered in the Woodlands, Texas, for a cash payment of $0.67 per share. Repros Therapeutics focuses on the development of small-molecule drugs to treat male and female reproductive disorders.

Under the merger agreement, a subsidiary of Allergan will commence a cash tender offer to purchase all of the outstanding shares of Repros common stock for $0.67 per share.  The closing of the tender offer is subject to customary closing conditions, including the tender of a majority of the outstanding shares of Repros common stock.  The merger agreement contemplates that Allergan, through its subsidiary, will acquire any shares of Repros that are not tendered into the offer through a second-step merger, which will be completed as soon as practicable following the closing of the tender offer.  Pending approvals, Repros anticipates the transaction will close during the first quarter of 2018.

Source: Repros Therapeutics