Malvern-based Ocugen, a gene therapy and biopharmaceutical company that develops new treatments for rare and underserved eye diseases, has entered into a merger agreement with Boston-based Histogenics, writes John George for the Philadelphia Business Journal.
Once the deal closes, the stock-for-stock agreement states that Ocugen stockholders will own around 90 percent of Histogenics’ outstanding common stock. The remaining 10 percent will be owned by Histogenics’ shareholders.
The combined company will be headquartered in Malvern and operate under the name Ocugen and be led by the existing Ocugen management team.
Histogenics started exploring strategic alternatives after the FDA said the company would have to conduct another round of late-stage clinical testing for its NeoCart program, which accelerates recovery in patients undergoing orthopedic procedures. However, due to the extra costs, Histogenics discontinued its development.
“Following a thorough review of strategic alternatives for Histogenics and the NeoCart program,” said Adam Gridley, president of Histogenics, “we have determined that a merger with Ocugen will enable Histogenics’ investors to participate in Ocugen’s broader pipeline of ocular disease and gene therapy opportunities.”
The merger is expected to finalize by the third quarter of 2019. This will allow Ocugen to become a publicly traded company without requiring an initial public offering.
Read more about the merger in the Philadelphia Business Journal here.
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