Bioaccelerate changes name to Gardant Pharmaceuticals, plans to spin off subsidiaries

By Angela McDaniels

Seattle, March 23 - Bioaccelerate Holdings Inc. has received majority shareholder approval to change its name to Gardant Pharmaceuticals Inc., according to a company news release.

The company also announced that it plans to spin off a number of its operating subsidiaries to its shareholders through a dividend distribution to "enhance the independent identities of, and investor interest in, those subsidiaries" and to allow the company to better focus on its ongoing business.

The companies to be spun off include two oncology-focused companies, a dermatology company, a specialty pharmaceutical company and an antiviral company.

Bioaccelerate Holdings is a pharmaceutical development organization based in New York that acquires, develops and commercializes novel pharmaceutical compounds.

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