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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.
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