Vallon Pharmaceuticals Shares Double on Merger Pact

Dow Jones2022-12-14

By Dean Seal

Shares of Vallon Pharmaceuticals Inc. more than doubled to 62 cents after the company said it has agreed to merge with GRI Bio Inc. in an all-stock transaction.

The Philadelphia-based biopharmaceutical company said after its shares closed the market at 25 cents apiece on Tuesday that the privately held GRI Bio will merge with a wholly owned Vallon subsidiary.

The combined company will focus on advancing GRI Bio's pipeline of Natural Killer T cell regulators for the treatment of inflammatory, fibrotic and autoimmune diseases.

Vallon plans to acquire all outstanding equity interests in GRI Bio through a reverse triangular merger, from which GRI Bio will survive. The combined company will operate under the name GRI Bio Inc. and trade on the Nasdaq Capital Market under the ticker GRI.

The deal is slated to close in early 2023.

After the transaction closes, GRI Bio's equity holders will own 83% of outstanding equity in the combined company with Vallon shareholders owning the rest.

Write to Dean Seal at dean.seal@wsj.com

(END) Dow Jones Newswires

December 14, 2022 06:55 ET (11:55 GMT)

Copyright (c) 2022 Dow Jones & Company, Inc.

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