Akari Therapeutics Signs Merger-of-Equals with Peak Bio

Dow Jones03-05

By Dean Seal

Akari Therapeutics and Peak Bio have agreed to an all-stock merger of equals, creating a combined company that would continue to operate under the Akari banner.

The biotechnology companies said Tuesday that the combined business, with its expanded pipeline of assets in both early and late stages of development, would prioritize business development and licensing.

Shareholders of each company are set to receive about 50% equity in the new business, which will trade under Akari's current AKTX ticker on the Nasdaq Capital Market. The equity distribution is subject to adjustment based on each company's relative level of net cash when the deal closes.

The transaction is expected to close late in the second quarter, subject to shareholder approval and other closing conditions.

The combined company's board would consist of three directors picked by each company and one jointly-selected independent director.

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

(END) Dow Jones Newswires

March 05, 2024 08:23 ET (13:23 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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