AnGes, Inc. (TSE:4563) signed an agreement to acquire Emendo Bio, Inc. from Orbimed Israel Partners II, L.P., OrbiMed Private Investments VI, LP managed by OrbiMed Advisors LLC, Takeda Ventures, Inc. and others for approximately $250 million on November 9, 2020. As part of the acquisition, AnGes will issue a maximum of 24.5 million shares as part of the consideration. As of December 10, 2020, AnGes, Inc. will issue 10.06 million shares as consideration, a significant decrease from the maximum number of shares to be delivered of 24.48 million shares which was initially set as the upper limit. In addition, for Emendo's investors who have the right to receive cash, AnGes lends $20 million to Emendo, and then will borrow from AnGes and Emendo. Emendo will use the cash held by AnGes, Inc. to pay the cash as part of the merger consideration, and the shares of these investors will be extinguished. The total amount of cash paid by Emendo as consideration for the merger (including borrowings from AnGes, Inc) is expected to be approximately $58.5 million. Series B-1 Preferred Stock and Series B-3 Preferred Stock of Emendo, held by AnGes before the acquisition, will be extinguished before completion of the acquisition. For the period ended December 2019, Emendo reported net liabilities of $6.22 million, total assets of $5.69 million, operating loss of $5.4 million and net loss of $6.8 million. The transaction was approved by the Board of Directors of AnGes, the competition law authorities of each country, Committee on Foreign Investment in the United States and Emendo's shareholders. The transaction is expected to close on December 15, 2020. Michael Barron of Morgan, Lewis & Bockius LLP acted as legal advisor to EmendoBio. Ei Yamada of Lincoln International LLC acted as financial advisor for AnGes. AnGes, Inc. (TSE:4563) completed the acquisition of Emendo Bio, Inc. from Orbimed Israel Partners II, L.P., OrbiMed Private Investments VI, LP, managed by OrbiMed Advisors LLC, Takeda Ventures, Inc. and others on December 15, 2020. EmendoBio will continue to maintain its business operations at its facilities in New York, NY and Tel Aviv, Israel.