Avalanche, Annapurna Announce Proposed Merger
News Feb 03, 2016
Avalanche Biotechnologies, and Annapurna Therapeutics SAS a privately held biopharmaceutical company, have announced that they have entered into a definitive agreement providing for the acquisition of all outstanding shares of Annapurna by Avalanche in exchange for approximately 17.6 million newly issued shares of Avalanche common stock. Upon completion of the proposed acquisition, existing Avalanche shareholders will own 62.5% of the combined company and Annapurna shareholders will own 37.5% of the combined company (calculated on a treasury method basis).
Upon completion of the proposed acquisition, the combined company’s pipeline will consist of Avalanche’s existing ophthalmic programs and four new gene therapy based programs, which are focused on Alpha1-antitrypsin (A1AT) deficiency, cardiomyopathy associated with Friedreich’s ataxia, hereditary angioedema and severe allergies. The combined company will be headquartered in Menlo Park, California. Avalanche had approximately $258 million in cash as of December 31, 2015, which is expected to be sufficient to fund the combined company’s programs for at least the next 36 months.
Paul B. Cleveland, president and chief executive officer of Avalanche, will serve as the chief executive officer of the combined company, and Amber Salzman, Ph.D., president and chief executive officer of Annapurna, will become president and chief operating officer of the combined company. Both will serve on the combined company’s board of directors.
“This transaction creates the opportunity to build a leading gene therapy company with an extensive pipeline and significant scientific, financial and human resources,” said Mr. Cleveland. “I have tremendous respect for Annapurna’s commitment to high level research and development and we are looking forward to working together to drive our combined current programs forward. At the same time, we are seeking to expand our pipeline further through additional licenses and acquisitions that complement our expertise in vector development and optimization platforms, process development and manufacturing.”
“Our businesses are highly complementary, and this transaction enables us to combine the best assets of both companies as we drive toward the development of new gene therapies in multiple disease areas, including rare diseases,” said Dr. Salzman. “This transaction provides the capabilities required to bring promising treatments to clinical practice.”
Integrated Lead Discovery: An Evolving ToolboxNews
A new SLAS Discovery review article offers an informative guide to the established and emerging tools available for early drug discovery and screening, and provides illustrative scenarios demonstrating considerations that drive decisions on choice of lead discovery tactics.READ MORE
Disease-Fighting 'Warheads' Hidden in BacteriaNews
Bacteria found in soil may harbor a potential game-changer for drug design. A new study by Scripps Research, published today in Nature Communications, suggests scientists could build better drugs by learning from bacteria-derived molecules called thiocarboxylic acids.READ MORE
Exploring Challenges in the Synthesis of Pharmaceutical DrugsNews
This summer, Wendell and Loretta Hess Professor of Chemistry Ram Mohan will travel to India and Hong Kong to deliver a series of post-graduate workshops on advanced concepts in organic synthesis.
His workshop “Advanced Concepts in the Synthesis of Pharmaceutical Drugs” at the Indian Institute of Technology Indore will explore the unique, real-world challenges in the pharmaceutical industry to synthesize drugs that are both commercially viable and eco-friendly.
Comments | 0 ADD COMMENT
27th International Conference on Nanomedicine and Nanomaterials
Oct 18 - Oct 19, 2018