Eloxx Pharmaceuticals, Inc. acquired Zikani Therapeutics, Inc. for $25.2 million.
April 31, 2021
Share
Eloxx Pharmaceuticals, Inc. (NasdaqGM:ELOX) acquired Zikani Therapeutics, Inc. for $25.2 million on April 1, 2021. Under the terms of the merger agreement, stockholders of Zikani received approximately 7.6 million Eloxx common shares and own approximately 16% of the combined company. In addition, Eloxx issued 442,142 restricted stock units under the Eloxx Pharmaceuticals, Inc. 2018 Equity Incentive Plan to certain employees of Zikani in respect of each individuals prospective service as an officer, consultant or Director of the Eloxx Pharmaceuticals. Sumit Aggarwal will serve as President and Chief Executive Officer and Vijay Modur will serve as Head of Research and Development of Eloxx. Silvia Noiman and Martijn Kleijwegt have stepped down from the Eloxx Board. Gregory Williams now steps down as Chief Executive Officer but remains on as an adviser. Alan Walts and Raj Parekh were appointed to fulfill the vacancies and serve out the remaining terms of office. The Eloxx Board of Directors has approved the Merger Agreement and the related transactions. The consummation of the Merger was not subject to approval of Eloxxs stockholders. Robert A. Cantone and Michael E. Ellis of Proskauer Rose LLP acted as legal advisors for Eloxx Pharmaceuticals. Peter Handrinos and Scott Shean of Latham & Watkins LLP acted as legal advisors for Zikani Therapeutics.
Eloxx Pharmaceuticals, Inc. (NasdaqGM:ELOX) completed the acquisition of Zikani Therapeutics, Inc. on April 1, 2021. Zikani Therapeutics had a cash of $1.954 million.
Eloxx Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company is engaged in the science of ribosome modulation, leveraging both its TURBO- ZM chemistry technology platform and its library of aminoglycosides to develop oral small-molecule ribosome modulating agents (RMAs) and eukaryotic ribosome selective glycosides (ERSGs) for the treatment of rare and ultra-rare genetic diseases. Its lead investigational product candidate, ELX-02, is a small molecule drug candidate designed to restore production of full-length functional proteins. The Company is also advancing ZKN-013 as an oral agent for the treatment of recessive dystrophic (RDEB)/ junctional epidermolysis bullosa (JEB) and familial adenomatous polyposis (FAP) patients with nonsense mutations. The Company also has preclinical programs focused on select rare diseases, including inherited diseases, cancer caused by nonsense mutations, kidney diseases, as well as rare ocular genetic disorders.