After a little drama, Galena Biopharma (GALE) will pay out a dividend of one share of Rxi Pharmaceutical for every share of GALE owned. The dividend is being paid out at the close of business today to shareholders as of the April 23rd record date. The new company will trade OTC under the ticker RXII in the coming weeks. According to the press release, Galena will retain a small equity stake in RXII with the possibility of receiving up to $45m in milestone payments. For additional information on the transaction, check out our earlier articles on the subject.
Disclosure: Author holds no position in any stock mentioned.
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