Jan. 14, 2015, 9:42 AM
- In an all-stock transaction, privately-held Tobira Therapeutics will merge with a wholly-owned subsidiary of Regado Biosciences (RGDO +59.3%). The combined organization, renamed as Tobira Therapeutics, will focus on the development of novel treatments for liver and inflammatory diseases. Tobira CEO Laurent Fischer, M.D., will lead the firm.
- Tobira's lead product is cenicriviroc (CVC), a Fast Track-designated anti-fibrotic agent currently in Phase 2 development for non-alcoholic steatohepatitis (NASH).
- A Tobira investor syndicate has committed to invest up to $22M to fund CVC's development through Phase 2. Tobira's quick asset balance will be ~$60M after the investment.
- Under the terms of the merger, Regado shareholders will own ~32% of the combined entity while Tobira shareholders will own ~68%. The specific allocation will depend on Regado's net cash balance at the time of the transaction.
- NASH-related tickers: (NASDAQ:ICPT) (NASDAQ:GILD) (NASDAQ:GALT) (NASDAQ:SHPG) (NASDAQ:LJPC) (NASDAQ:CNAT) (NASDAQ:RPTP)
Galectin Therapeutics, Inc. operates as a biotechnology company, which engages in drug research and development to create new therapies for fibrotic disease and cancer. Its drug candidates are based on the method of targeting galectin proteins, which are key mediators of biologic and pathologic... More
Industry: Drugs - Generic
Country: United States
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