Apex Bioventures agrees to buy Dynogen

Apex Bioventures Acquisition Corp. said it agreed to acquire privately held Dynogen Pharmaceuticals, a Waltham-based biopharmaceutical company focused on gastrointestinal and genitourinary disorders.

Dynogen shareholders will initially receive about $98 million in Apex Bioventures stock.

Lee Brettman, chief executive of Dynogen, will head the combined company, which will operate out of Dynogen's current headquarters.

The combined entity is expected to have up to $65 million in cash at the closing to finance Dynogen's late-stage clinical trials and general corporate purposes. (Reuters)