Shots:
- Rallybio has entered into a definitive agreement to acquire Avenzo through a merger transaction, after which the combined company will operate under the name Avenzo Therapeutics & is expected to trade on Nasdaq under the ticker symbol “AVZO”
- As per the deal, Avenzo shareholders will receive newly issued Rallybio shares based on the companies’ relative valuations. Concurrently, a syndicate of investors & mutual funds has committed $215M in financing, which is expected to close before the merger
- Following the merger, Rallybio shareholders are expected to own ~2.8% of the combined company, while Avenzo shareholders, incl. financing investors, will own ~97.2%. Rallybio shareholders will also receive CVRs tied to proceeds from the REV102 asset sale & potential monetization of other legacy assets
Ref: Businesswire | Image: Avenzo & Rallybio | Press Release
Related News: Avenzo Therapeutics Join Forces with DualityBio to Develop AVZO-1418 (DB-1418) for Solid Tumors
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