PixarBio Corporation (OTCPK:PXRB) made a bid to acquire InVivo Therapeutics Holdings Corp. (NasdaqGM:NVIV) for $77 million in stock on January 3, 2017. The transaction is subject to the condition that InVivo's current Board serves no role in the combined company, which will be renamed Reynolds Therapeutics Corporation.

The transaction has been approved by the PixarBio Corporation Board of Directors and expected to close in first quarter of 2017. On January 4, 2017, PixarBio increased its offer to acquire InVivo Therapeutics to $100 million, with the condition that Richard Roberts and Ken DiPietro resign from the Board of Directors of InVivo and that Mark Perrin resign as Chief Executive Officer/Chairman of the Board.