Once A Cancer Company Silverback Merges With Small Biotech Working On Allergy Treatment
$SBTX
Specialty Chemicals
Consumer Discretionary
- ARS Pharmaceuticals Inc will merge with Silverback Therapeutics Inc (NASDAQ:SBTX) in an all-stock transaction, with a new entity operating under the ARS Pharmaceuticals name and trade on NASDAQ under the SPRY symbol.
- The combined company will focus on neffy, ARS's investigational epinephrine nasal spray for Type I allergic reactions, including anaphylaxis.
- The combined entity is expected to have approximately $265 million in cash and equivalents at closing.
- Also Read: Silverback Therapeutics Axes Lead Immuno-Oncology Candidates, Lays Off 27% Workforce.
- ARS designed neffy to provide injection-like absorption of epinephrine in a small, easy-to-carry, easy-to-use, and rapidly administered nasal spray device.
- With its needle-free administration, neffy may help eliminate the anxiety and hesitation associated with using an autoinjector.
- ARS is preparing to submit its FDA marketing application for neffy in Q3 of 2022. If approved, ARS plans to launch neffy in the U.S. in 2023.
- Silverback equity holders will own approximately 37%, and pre-merger ARS will own 63% of the combined company.
- Price Action: SBTX shares are down 10.4% at $3.94 during the premarket session on the last check Friday.