Exhibit 99.2
Recro Pharma Announces Effectiveness of Baudax Bio Form 10 Registration Statement
Separation of Baudax Bio as Independent Company Expected to be Completed With Distribution on November 21, 2019
Baudax Bio Common Stock Approved for Listing on the NASDAQ Capital Market
MALVERN, Pa., November 13, 2019 – Recro Pharma, Inc. (NASDAQ:REPH), a pharmaceutical company with a high-performing revenue generating contract development and manufacturing (CDMO) division, today announced that the U.S. Securities and Exchange Commission (SEC) has declared effective the Registration Statement on Form 10 filed by Baudax Bio Inc. Recro expects to complete the separation of Baudax Bio into an independent, publicly traded pharmaceutical company focused on advancing promising,non-opioid analgesics and other products for acute care settings on November 21, 2019.
Recro’s board of directors approved the planned separation of Recro and Baudax Bio on November 5, 2019, and declared a special dividend distribution of one share of Baudax Bio common stock for every two and one half shares of Recro common stock held as of the close of business on November 15, 2019, the record date for the distribution. Shareholders will receive cash in lieu of fractional shares. The special dividend distribution is expected to be paid on November 21, 2019.
There is no current market for Baudax Bio common stock. NASDAQ has approved the listing of Baudax Bio common stock on the NASDAQ Capital Market under the symbol “BXRX.” NASDAQ has advised that Baudax Bio common stock will begin trading on a “when-issued” basis under the symbol “BXRXV” on November 14, 2019.
Additionally, Recro expects that starting on November 14, 2019, common stock of Recro will trade on the NASDAQ Capital Market in two markets:“regular-way” under the symbol “REPH” and in the“ex-distribution” market under the symbol “REPHV.” Shares of Recro common stock trading under “REPH” will carry the right to receive shares of Baudax Bio common stock, if held as of the close of business on November 15, 2019. Shares of Recro common stock trading under “REPHV” will not carry the right to receive shares of Baudax Bio as part of the special dividend distribution. If shares of Recro common stock are sold in the“regular-way” market after November 15, 2019 but before the distribution date, the shareholder is selling the right to receive shares of Baudax Bio common stock with respect to such Recro shares as part of the distribution. Recro shareholders are encouraged to consult with their financial advisors regarding the specific consequences of selling Recro common stock on or before that date.
Following the distribution,regular-way trading will commence on NASDAQ for Baudax Bio under the symbol “BXRX” and will continue for Recro under the symbol “REPH.”
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