Adamis and La Jolla Pharma Kill Merger Deal

Bruce V. Bigelow3/4/10

Two San Diego biotechs, Adamis Pharmaceuticals and La Jolla Pharmaceutical, said today they have agreed to terminate their merger agreement, which was signed three months ago. The Nasdaq market also delisted La Jolla Pharmaceutical today, saying the company is operating only as a “public shell” with minimal assets and operations. La Jolla Pharmaceutical said that after receiving a total of only 13 percent of shareholder proxies, it would no longer seek shareholder approval of the proposed merger.

Bruce V. Bigelow is the editor of Xconomy San Diego. You can e-mail him at bbigelow@xconomy.com or call (619) 669-8788