Innovus Pharmaceuticals Inc. (fka INNV)

[gi197845]

Fluticare- Innovus Pharmaceuticals (OTCQB:INNV +11.5%) and Novalere FP merge in an all-stock transaction. Novalere shareholders will own 49% of Innovus, 50% of its share received at the closing of the agreement and 50% upon the FDA approval of the Abbreviated New Drug Application (ANDA) for Fluticare (fluticasone proprionate nasal spray), a generic equivalent to GlaxoSmithKline's Flonase.

Novalere shareholders will also be eligible for earn-outs of $500K for every $5M in Fluticare net revenue.

The ANDA was submitted to the FDA in November. Management expects approval in late 2015 or early 2016.