Innovate Merging with RDD Pharma to Form New Gastroenterology Company Focusing on Specialty Rare and Orphan Diseases

Innovate Merging with RDD Pharma to Form New Gastroenterology Company Focusing on Specialty Rare and Orphan Diseases

Shots:

  • Innovate to acquire all outstanding shares of RDD in exchange for a combination of common and preferred shares and create a new Nasdaq listed company. Following the closing of Merger, Innovate will be renamed 9 Meters Biopharma and RDD will receive $25M including 10M up front in final capital invested concurrent
  • The focus of the acquisition is to bolster Innovate’s GI disease portfolio. Innovate stockholders will own ~58.5% and former RDD stockholders will own up to 41.5% of the 9 Meters Biopharma’s capital stock on a fully diluted basis
  • 9 Meters Biopharma will focus on developing therapies for specialty, rare and orphan patients with GI diseases with a diversified pipeline including the first drug entering in a P-III study for celiac disease

Click here to­ read full press release/ article | Ref: Accesswire | Image: RDD