Aprinoia Therapeutics and Ross Acquisition have entered a definitive agreement for a business combination.
Under the agreement, both companies will form a combined entity, dubbed Aprinoia Therapeutics, with an enterprise value of up to $319.6m.
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Ross Acquisition and Aprinoia Therapeutics will each become a wholly owned subsidiary of the newly formed company, focusing on neurodegenerative diseases.
As part of the deal, Ross made an investment of $7.5m in the combined entity through a convertible note and is committed to providing a capital infusion of up to $12.5m.
Aprinoia is developing new therapeutics focused on neurodegenerative diseases such as Alzheimer’s disease (AD) and progressive supranuclear palsy (PSP).
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Currently, the company is conducting a Phase I study for its tau antibody, APN-005, in the US.
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By GlobalDataThe antibody targets a conformational-dependent epitope in the tau mid-domain region.
Aprinoia CEO Ming-Kuei Jang said: “After seven years of dedicated R&D on neurodegeneration to realize precision neuroscience, we are excited to take our company to the next level of finance and corporate development.
“Our R&D and collaboration successes are a demonstration of the quality of our products, our team, and the support of our research and commercial partners.
“We will continue to grow our company and our pipeline to develop innovative products for our physicians and patients with critical medical needs.”
Both companies’ boards of directors have approved the proposed business combination unanimously.
The deal, subject to customary approvals and conditions, including the Ross shareholders’ approval, is anticipated to be completed in the first half of this year.
