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ViroPharma Purchases Exclusive Option to Acquire Meritage Pharma
Date:12/22/2011

eduction in clinical symptoms, showed a statistically significant response on the histological component in the medium and high dose groups compared to placebo. Meritage used a 6-domain symptom scoring tool to assess heartburn, abdominal pain, nocturnal awakening, nausea, early satiety and dysphagia/food impaction. While most of the children treated in the PEER study felt better, the multi-domain symptom tool as applied in this study was not sensitive enough to separate OBS and placebo treatment responses. OBS was well tolerated; there were no trends or unexpected signals in adverse events, clinical labs or vital signs.

Transaction Terms

The development and option agreement provides ViroPharma with the exclusive right, but not an obligation, to acquire Meritage pursuant to the terms of a definitive merger agreement. ViroPharma made an initial payment of $7.5 million on signing of the development and option agreement. ViroPharma would fund Meritage up to an additional $12.5 million for the development and exclusive right to purchase Meritage upon achievement of several agreed upon clinical and regulatory development deliverables.

Upon ViroPharma's receipt and review of the final Phase 2 study data and concurrence on an acceptable clinical endpoint for the Phase 3 program with FDA, ViroPharma shall have an option, exercisable in its sole discretion, to enter into the definitive merger agreement to acquire Meritage for $69.9 million. The agreement also contemplates potential additional payments upon completion of certain clinical and regulatory milestones related to the development and approval of OBS for its initial indication.

BMO Capital Markets acted as the exclusive financial advisor to ViroPharma and Stifel Nicolaus Weisel acted as exclusive financial advisor to Meritage in connection with the transaction.

About Oral Budesonide Suspension

Oral budesonide suspension, or OBS, is a proprietary formulat
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SOURCE ViroPharma Incorporated
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