ARCA Biopharma Signs a Definitive Merger Agreement with Oruka Therapeutics to Develop Biologics for Chronic Skin Diseases
Shots:
- As per the agreement, the pre-merger ARCA stockholders will hold ~2.38% of the merged entity while the pre-merger Oruka stockholders will get ~97.62%. ARCA will pay ~$20M to its pre-merger stockholders before closing plus contribute $5M for the merged entity
- Oruka has secured $275M private investment in its common stock and pre-funded warrants that will support Oruka's operations through 2027 and advance ORKA-001 as well as ORKA-002 through initial clinical proof-of-concept
- Furthermore, the merged entity will develop Oruka’s ORKA-001 (IL-23p19 inhibitor) & ORKA-002 (IL-17A/F inhibitor), the evaluations of which are anticipated in 2025 with ORKA-001’s PK results expected in H2’25
Ref: Globenewswire | Image: ARCA Biopharma
Related News:- Evotec Collaborated with Almirall to Discover and Develop Novel Therapies for the Treatment of Skin Diseases
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Disha is a content writer at PharmaShots. She is passionate and curious about recent updates and developments in MedTech and Pharma industry. She covers news related to clinical trial results and updates. She can be contacted at connect@pharmashots.com.
