NantKwest rises 21% on ImmunityBio merger deal

Dec. 21, 2020 6:24 AM ETImmunityBio, Inc. (IBRX)By: Mamta Mayani, SA News Editor
  • NantKwest (NK), up 21% premarket, and privately-held ImmunityBio have entered into an agreement to merge in a stock-for-stock transaction. The combination will create an immunotherapy and cell therapy company focused on oncology and infectious disease.
  • Together, ImmunityBio and NantKwest will have a broad, clinical-stage pipeline – including 13 assets in clinical trials and 11 in Phase II to III – as well as a robust early stage pipeline to address other difficult to treat cancers.
  • The transaction is structured as a tax-free 100% stock-for-stock merger, with ImmunityBio to reverse merge with NantKwest.
  • Under the terms of the agreement, ImmunityBio shareholders will receive a fixed exchange ratio of 0.8190 shares of NantKwest for each share of ImmunityBio owned.
  • Upon completion of the transaction, ImmunityBio and NantKwest shareholders will own ~72% and ~28% of the combined company, respectively.
  • The transaction is expected to close in Q1 2021. The combined company will assume the ImmunityBio name and continue to be listed on the Nasdaq under the ticker symbol 'IBRX'.

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