Thursday, June 25, 2009

ULURU Abandons Acquisition Efforts

Addison-based specialty pharmaceutical firm ULURU announced Wednesday that it has abandoned its plans to acquire an English skin care company. On April 6, ULURU reported that it had tendered a non-binding offer letter to purchase York Pharma PLC of Milton Keynes, which is located some 60 miles northwest of London. ULURU also extended York a $1 million revolving credit facility secured by substantially all of York's assets and its subsidiaries. Had the tender offer been approved, ULURU originally reported, its shareholders would've owned 77 percent of the combined company. ULURU added that has demanded that the credit and all outstanding interest be repaid. ULURU also said it will continue to pursue strategic opportunities and partnerships.