ARYx Therapeutics retains Cowen and Co to explore strategic options
Co announces that it has retained Cowen and Co to explore strategic options for ARYx. While discussions continue with pharmaceutical companies regarding the licensing of its oral antiarrythmic agent, budiodarone, the companies with whom ARYx was engaged in advanced discussions have recently indicated that they do not intend to proceed to an agreement. As a result, it has become clear that ARYx will not complete a partnership on the product in the near term. By retaining Cowen, ARYx will explore the possibility of capturing full near-term value for its three lead programs rather than pursuing licensing deals that provide value over an extended period of time. In conjunction with this action, ARYx has also completed a substantial reorganization, reducing the number of employees to fewer than 20.
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