NEW YORK - Nuvation Bio Inc. (NYSE: NUVB), a biopharmaceutical company focused on developing therapies for oncology, has announced a definitive agreement to acquire AnHeart Therapeutics Ltd., a clinical-stage biopharmaceutical company. The all-stock transaction will see AnHeart's shareholders owning approximately 33% of the combined entity, with Nuvation Bio's current stockholders owning around 67%.
The acquisition, expected to close in the second quarter of 2024, aims to transform Nuvation Bio into a late-stage global oncology company. It adds two potential therapies to Nuvation Bio's pipeline: taletrectinib and safusidenib. Taletrectinib is a next-generation ROS1 inhibitor nearing the completion of two pivotal studies for treating ROS1-positive non-small cell lung cancer (NSCLC). Safusidenib, a mutant IDH1 inhibitor, is currently in a global Phase 2 study for IDH1-mutant glioma.
David Hung, M.D., Founder, President, and CEO of Nuvation Bio, stated that the transaction would help the company deliver novel cancer therapies to patients. The deal is structured to preserve Nuvation Bio's cash balance, thereby avoiding the need for near-term capital raising.
Following the acquisition's close, AnHeart's employees are expected to join Nuvation Bio, and two AnHeart executives will join Nuvation Bio's board of directors.
Nuvation Bio will issue approximately 43.6 million shares of its Class A common stock, 851,212 shares of Series A Non-Voting Convertible Preferred Stock, and warrants exercisable for about 2.9 million shares of Class A common stock at an exercise price of $11.50 per share to AnHeart securityholders. The transaction is structured to qualify as a tax-free reorganization.
Taletrectinib has received Breakthrough Therapy Designations from the U.S. Food and Drug Administration (FDA) and China's National Medical Products Administration (NMPA) for advanced or metastatic ROS1-positive NSCLC. The NMPA has also granted Priority Review Designation to New Drug Applications for taletrectinib.
The information presented is based on a press release statement.
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