By Denny Jacob
Salarius Pharmaceuticals has agreed to merge with biopharmaceutical company Decoy Therapeutics.
The companies said Monday that the agreement, unanimously approved by both companies' boards, will leave Decoy investors with about 86% ownership of the outstanding shares of the combined company. Salarius shareholders would own about 14% of the outstanding shares.
The proposed deal is expected to create opportunities within Decoy's pipeline of peptide conjugate therapeutics, among other efforts.
The newly formed company will be led by Decoy co-founders, Chief Executive Frederick Pierce and Chief Scientific Officer Barbara Hibner, and Salarius' Chief Financial Officer Mark Rosenblum, among others.
The combined company will retain the Decoy name. Its board will consist of Pierce, Hibner and three independent directors, two being appointed by Decoy's board and one by Salarius' board.
Shares of Salarius more than doubled to $3.53 in premarket trading Monday.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
January 13, 2025 08:48 ET (13:48 GMT)
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