Epirus reverse merges with Zalicus as vehicle to go public

In a combination to create a public biosimilars company focused on pain and inflammation, Boston biotech Epirus Biopharmaceuticals Inc. (mAbs) will merge with a division of publicly traded Zalicus Inc. The new entity will retain the Epirus Biopharmaceuticals name, headquarters, and management, but take over Zalicus’ Nasdaq listing. The percentage of the combined company Zalicus owns depends on its net cash position at the closing: it will own approximately 19% and Epirus 81% if Zalicus’ net cash is equal to or above $12mm; Zalicus will own 17% and Epirus 83% if the net cash is equal to or greater than $9mm, but less than $12 million; and Zalicus 14%/Epirus 86% if the net cash is equal to or less than $9mm.