Bentley Pharmaceuticals' spinoff of CPEX clears way for merger with Teva

By Lisa Kerner

Charlotte, N.C., July 1 - Bentley Pharmaceuticals, Inc. completed the spinoff of its drug delivery business, CPEX Pharmaceuticals, Inc.

Each Bentley stockholder received, on a pro rata basis, a dividend on Bentley common stock of one CPEX share for every 10 shares of Bentley common stock they owned as of the close of business on June 20, a Bentley news release said.

CPEX shares began regular trading on the Nasdaq Capital Market under the ticker symbol "CPEX" on July 1.

Bentley's common stock will continue to trade on the New York Stock Exchange under the ticker symbol "BNT," according to the release.

With the spinoff complete, Teva Pharmaceutical Industries Ltd. will acquire Bentley, merging the company with and into Teva subsidiary Beryllium Merger Corp.

Bentley shareholders will vote on the merger at a special meeting on July 22 at 10 a.m. ET. Record date for the meeting is June 2, the company noted.

It was previously reported that Teva agreed to acquire Bentley's remaining generic pharmaceutical business following the spinoff of CPEX for approximately $15.02 cash per share, or a total of about $360 million, as well as shares of CPEX.

Teva develops, manufactures and markets generic and human pharmaceuticals, as well as active pharmaceutical ingredients. The company is based in Petach Tikva, Israel.

Bentley is a specialty pharmaceutical company located in Exeter, N.H. It manufactures and markets active pharmaceutical ingredients through its subsidiary, Bentley API.

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