By Ben Glickman
Vincerx Pharma said it had agreed to merge with private biotechnology company Oqory after a review of strategic alternatives.
The biotech company said that it would also implement cost-cutting measures, including layoffs. Chief Executive Ahmed Hamdy and Chief Financial Officer Alexander Seelenberger have both stepped down in connection with the layoffs, the company said.
Vincerx said that the deal includes a fully diluted equity value of $13.66 million for existing Vincerx stockholders. Current shareholders are expected to own about 5% of the combined company, with the remainder held by Oqory shareholders.
The company will launch a stock offering of at least $20 million as part of the deal. Certain investors in Oqory agreed to provide interim financing of $1.5 million to Vincerx.
The merger is subject to closing conditions, which includes the completion of the equity offering and the continued listing of Vincerx stock.
In the interim, operating chief Raquel Izumi will serve as acting CEO in a consulting capacity. Controller Kevin Hass has taken over as acting CFO.
Oqory's pipeline of therapies includes multiple antibody-drug conjugate programs, which are a form of cancer treatment. Vincerx is developing several different forms of cancer treatment.
Write to Ben Glickman at ben.glickman@wsj.com
(END) Dow Jones Newswires
December 27, 2024 16:28 ET (21:28 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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