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Tenby acquires Sirion Therapeutics, forms new subsidiary

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TAMPA, Fla. — Tenby Pharma Inc. has acquired Sirion Therapeutics Inc. as a wholly owned subsidiary, Sirion announced.

Sirion stockholders acquired control of Tenby, making it Sirion's parent holding company. Before the acquisition, Tenby was a shell company with minimal assets and no business or operations, according to a press release.

In connection with the transaction, Tenby secured $25 million to develop and commercialize Sirion products. This is the third acquisition involving Sirion in this year. The company acquired Rx Development Resources LLC in August and Sytera Inc. in July, according to the release.