Quakertown-based Cellegy Pharmaceuticals Inc. has agreed to be acquired by a California specialty drug developer in a stock transaction.
Adamis Pharmaceuticals Corp. is a privately held firm working on treatments for viral infections, including influenza. Adamis CEO Dennis Carlo will become the head of the combined company.
Carlo is a heavy hitter from the West Coast, having been CEO of Immune Response Corp. and president of Telos Pharmaceuticals.
Cellegy has struggled financially, trying to develop Savvy, a contraceptive gel that has its roots in the West Philadelphia labs of a company called Biosyn.
