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

India’s Gennova Biopharmaceutical working on Omicron-specific vaccine

India’s Gennova Biopharmaceutical working on Omicron-specific vaccine

By Nikita Chaurasia

Gennova's potential mRNA vaccine is currently undergoing Phase II and Phase III trials. If approved for a EUA, it would be India’s first mRNA COVID-19 vaccine. Gennova Biopharmaceutical, a subsidiary of Pune-based drugmaker Emcure, is...

Recykal secures USD 22 Mn in a fundraise led by Morgan Stanley India

Recykal secures USD 22 Mn in a fundraise led by Morgan Stanley India

By Nikita Chaurasia

Recykal, a B2B waste management and recycling marketplace head-quartered in Hyderabad, has reportedly raised USD 22 million in funding from Morgan Stanley India. According to the company, existing investors including Circulate Capital, Arun Venkatac...

Reliance buys controlling stake in NYC hotel in its hospitality push

Reliance buys controlling stake in NYC hotel in its hospitality push

By Nikita Chaurasia

Reliance Industries Ltd. is reportedly planning to acquire a controlling stake in New York's five-star Mandarin Oriental Hotel for around USD 100 million. The company stated in a stock exchange filing that its industrial investments subsidiary, ...

India inoculates 3.8 million teens over fears of third COVID-19 wave

India inoculates 3.8 million teens over fears of third COVID-19 wave

By Nikita Chaurasia

India has reportedly vaccinated over 3.8 million teens aged between 15-18 years as of 3rd January in an effort to boost its inoculation drive to protect the large young population before the onslaught of a possible third wave of coronavirus infection...

Apple on track to become the world’s first USD 3 trillion company

Apple on track to become the world’s first USD 3 trillion company

By Nikita Chaurasia

Tech giant Apple Inc. has once again become the world’s most valuable company as it is just a hair's breadth away from a market capitalization of USD 3 trillion. On Monday, the iPhone maker’s shares slid a little over 2% to USD 175.7...