Allergan to acquire Repros Therapeutics and with it Proellex, a drug in development for treatment of uterine fibroids.

Repros Therapeutics Inc.announced that it has entered into a definitive agreement under which Allergan plc , through a subsidiary, will acquire Repros for a cash payment of $0.67 per share. The Company's Board of Directors has unanimously approved the transaction. Under the terms of 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. Repros has Proellex in development to treat uterine fibroids whose trials are currently on hold.