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Article: Ascent Pediatrics Announces Completion of Alpharma Strategic Alliance.
- Article from:
- PR Newswire
- Article date:
- July 26, 1999
CopyrightCOPYRIGHT 1999 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WILMINGTON, Mass., July 26 /PRNewswire/ -- Ascent Pediatrics, Inc. (OTC Bulletin Board: ASCTP) announced today that on July 23, 1999 following its Annual Meeting of stockholders, Ascent completed its previously announced strategic alliance with Alpharma, Inc. (NYSE: ALO) As part of the strategic alliance, Alpharma, through its subsidiary Alpharma USPD, Inc., agreed to provide up to $40 million in financing to Ascent through a 7.5% convertible subordinated note due in 2004 and 2005. Up to $12 million of the proceeds can be used for general corporate purposes, with $28 million reserved for projects and acquisitions intended to enhance the growth of Ascent. Prior to the ...
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