North American Vaccine Continues Discussions with Baxter International on Share Exchange Agreement

Strategic Insights -

North American Vaccine, Inc. (Amex: NVX) has announced that it is continuing talks with Baxter International Inc. regarding the Share Exchange Agreement. The parties have agreed to a third extension of the company's credit facility with the Bank of America, pushing the due date to April 12, 2000. Baxter has proposed modifying the agreement due to concerns over the company's failure to meet specific deadlines for the production and regulatory approval of its NeisVac-C(TM) vaccine.

The company's Board of Directors is considering its options during these discussions, and there is no guarantee that an agreement will be reached or that the timing of such an agreement can be predicted. North American Vaccine is engaged in the research, development, and sales of vaccines for the prevention of human infectious diseases. The company's news releases are available on its website at http://www.nava.com.

Key Takeaways:

  • North American Vaccine is continuing discussions with Baxter International on the Share Exchange Agreement.
  • The parties have agreed to a third extension of the credit facility with the Bank of America, pushing the due date to April 12, 2000.
  • Baxter has proposed modifying the agreement due to concerns over the company's failure to meet specific deadlines for the production and regulatory approval of NeisVac-C(TM) vaccine.
  • The company's Board of Directors is considering its options during these discussions.
  • There is no guarantee that an agreement will be reached or that the timing of such an agreement can be predicted.
  • North American Vaccine is engaged in the research, development, and sales of vaccines for the prevention of human infectious diseases.
  • Baxter has proposed concerns over the company's failure to meet specific deadlines for the production and regulatory approval of NeisVac-C(TM) vaccine.

Statistics:

  • April 12, 2000: The new due date for the credit facility with the Bank of America.
  • April 1, 2000: The original deadline for the production and regulatory approval of NeisVac-C(TM) vaccine.

Sources:

  • North American Vaccine news release, April 10 /PRNewswire/.
  • U.S. Securities and Exchange Commission filings, including North American Vaccine's annual reports on Form 10-K, quarterly reports on Form 10-Q, and current reports on Form 8-K.