Transforms Nuvation Bio into late-stage global oncology company with potential to become a commercial organization by the end of 2025
Nuvation Bio Inc., a late-stage, global biopharmaceutical company tackling some of the greatest unmet needs in oncology by developing differentiated and novel therapeutic candidates, announced the completion of the acquisition of AnHeart Therapeutics Ltd. (AnHeart), a late-stage, global biopharmaceutical company developing novel precision therapies for people with cancer. With the acquisition’s completion, AnHeart is now a wholly-owned subsidiary of Nuvation Bio.
“The closing of the acquisition transforms Nuvation Bio into a late-stage, global oncology company that is well-capitalized and positioned to develop our newly expanded pipeline as we move toward becoming a commercial organization,” said David Hung, M.D., Founder, President, and Chief Executive Officer of Nuvation Bio. “We welcome the AnHeart team and look forward to leveraging our combined expertise to bring new cancer therapies to patients who need them most.”
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Nuvation Bio will continue to be led by its current management team, including David Hung, M.D., its Founder, President, and Chief Executive Officer. In addition, Min Cui, Ph.D., Founder and Managing Director of Decheng Capital, an investor in AnHeart, and Junyuan Jerry Wang, Ph.D., Co-Founder and Chief Executive Officer of AnHeart, have joined the Nuvation Bio board of directors.
Following completion of the acquisition, Nuvation Bio issued to the AnHeart security holders, in exchange for all outstanding AnHeart shares, options, and other securities, approximately 43,590,188 shares of Nuvation Bio’s Class A common stock (inclusive of the shares of Class A common stock underlying the AnHeart equity awards assumed by Nuvation Bio), 851,202 shares of Nuvation Bio’s Series A Non-Voting Convertible Preferred Stock (automatically convertible into 85,120,200 shares of Nuvation Bio’s Class A common stock upon the approval of Nuvation Bio’s stockholders), and warrants collectively exercisable for approximately 2,893,731 shares of Nuvation Bio’s Class A common stock at an exercise price of $11.50 per share.
Source: BusinessWire