DelMar to acquire Adgero Biopharmaceuticals in all-equity transaction

By Nikita Chaurasia  | Date: 2020-06-11

DelMar to acquire Adgero Biopharmaceuticals in all-equity transaction

DelMar Pharmaceuticals, Inc., the American-based biopharmaceutical company focused on the development of novel cancer therapies, has reportedly inked agreement to acquire Adgero Biopharmaceuticals Holdings, Inc. in an all-equity transaction.

Sources cite that Adgero stockholders will get shares of DelMar common stock for shares of Adgero common stock. Following the completion of the deal, the stockholders of DelMar and Adgero will own 50.5 percent and 49.5 percent of the total voting power of the joint company respectively.

Expected to close in the Q3 2020, the deal is subject to stockholder approval of two companies and other closing conditions. Kintara Therapeutics, Inc. will be a new name for the combined company and expected to trade on NASDAQ under new symbol ‘KTRA’

The merger will create a diversified biopharmaceutical company with a vigorous product pipeline targeting unmet medical needs in oncology. The joint company will work on two late-stage, Phase 3-ready cancer treatments – VAL for GBM (glioblastoma multiforme) and REM-001 for CMB (cutaneous metastatic breast cancer). Moreover, the combined company will work on several last-state clinical research over the next 12-18 months.

For the record, Adgero is a biopharmaceutical company focused on developing its late-stage photodynamic therapy platform for treating serious cutaneous oncology indications. The joint company will bring together DelMar's DNA-targeting chemotherapeutic with proven anti-cancer activities with Adgero's last stage photodynamic therapy platform. 

Speaking on which, Saiid Zarrabian, Chief Executive Officer and President of DelMar said that this merger is the result of a widespread search for suitable oncology therapy and offers the combined company with a diversified last-stage oncology pipeline.

John Liatos, Chief Financial Officer and interim Chief Executive Officer of Adgero said that with this deal, the company is looking forward to developing a highly focused oncology company that can develop novel therapies to support patients and physicians where existing treatment options are limited.

Source Credit -https://www.delmarpharma.com/news-media/press-releases/detail/933/delmar-to-acquire-adgero-biopharmaceuticals-expand

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More >>

More News By Nikita Chaurasia

WeWork India rectifies glitch that revealed visitors’ personal data

WeWork India rectifies glitch that revealed visitors’ personal data

By Nikita Chaurasia

WeWork Inc., a flexible workspace solutions company, has reportedly corrected a security flaw that gave unrestrained access to the personal details and selfies of several users who visited its coworking spaces. Sandeep Hodkasia, a security consult...

China’s Great Wall Motor suspends USD 1 Bn investment plan in India

China’s Great Wall Motor suspends USD 1 Bn investment plan in India

By Nikita Chaurasia

After failing to get regulatory permits, China's Great Wall Motor has reportedly abandoned its plans to invest USD 1 billion in India and has fired all employees from its Indian facilities. The Chinese automaker had planned to penetrate the India...

Walmart to double down on frictionless optical care with Memomi buyout

Walmart to double down on frictionless optical care with Memomi buyout

By Nikita Chaurasia

Walmart Inc. is reportedly planning to acquire the augmented reality optical tech firm Memomi, reflecting the retailer’s commitment to offering frictionless and omnichannel optical care. The buyout could potentially allow Walmart to offer a fun...

Google faces antitrust lawsuit from Danish job search entity Jobindex

Google faces antitrust lawsuit from Danish job search entity Jobindex

By Nikita Chaurasia

Google LLC was reportedly hit with an antitrust case by Jobindex, a Danish online job-search rival, that took its grievance to European regulators asserting that Alphabet Inc.’s subsidiary is unjustly favoring its job-search engine. The comp...

EU vows USD 630 Mn aid to vulnerable countries amidst Ukraine-conflict

EU vows USD 630 Mn aid to vulnerable countries amidst Ukraine-conflict

By Nikita Chaurasia

The European Union has reportedly pledged USD 630 million to support weaker nations to tackle food scarcity that was made worse by Russia's assault on Ukraine. The funds include USD 368 million in aid to increase long-term sustainable food produc...