Local drug maker on growth, merger high

FORT COLLINS — While Fort Collins-based pharmaceutical firm Tolmar Inc. is busy taking on 40 percent annual growth, a new facility and navigating regulatory waters for products, it is also navigating an acquisition — one that quickly attracted a challenger.

On June 25, publicly traded Zila Inc. announced it had entered into a merger agreement with Tolmar. Under the agreement, Tolmar would pay 38 cents per share of Zila common stock and 44 cents per share for preferred stock, about $4 million in total. Additionally, Tolmar worked out an agreement to purchase $12 million in senior secured convertible debt from the…