Brief: Tocagen And Forte Biosciences Announce Merger

Forte Biosciences

20/02/2020 01:21

Feb 19 (Reuters) - Tocagen Inc  TOCA.O :
    * TOCAGEN AND FORTE BIOSCIENCES ANNOUNCE MERGER
    * ENTERED INTO A DEFINITIVE AGREEMENT UNDER WHICH TOCAGEN
WILL
MERGE WITH FORTE IN AN ALL-STOCK TRANSACTION
    * UPON STOCKHOLDER APPROVAL, COMBINED COMPANY IS EXPECTED TO
OPERATE UNDER NAME FORTE BIOSCIENCES
    * TOCAGEN - TRANSACTION TO CREATE NASDAQ-LISTED COMPANY
FOCUSED ON
ADVANCING FORTE'S LATE-STAGE CLINICAL PROGRAM FOR ATOPIC
DERMATITIS
    * IT IS ANTICIPATED THAT TOCAGEN EQUITYHOLDERS IMMEDIATELY
PRIOR
TO MERGER WILL OWN APPROXIMATELY 25.5% OF COMBINED COMPANY
    * IT IS ANTICIPATED FORTE EQUITYHOLDERS IMMEDIATELY PRIOR TO
MERGER WILL OWN APPROXIMATELY 74.5% OF COMBINED COMPANY
    * TOCAGEN - COMBINED CO WILL BE LED BY PAUL WAGNER FORTE'S
PRESIDENT AND CHIEF EXECUTIVE OFFICER, AND WILL BE HEADQUARTERED
IN TORRANCE, CALIFORNIA
    * TRANSACTION HAS BEEN APPROVED BY BOARD OF DIRECTORS OF
BOTH
COMPANIES
    * TOCAGEN- INVESTOR SYNDICATE INCLUDING ALGER, BVF PARTNERS
LP,
ORBIMED HAVE ENTERED INTO SECURITIES PURCHASE AGREEMENT TO
INVEST $14 MILLION IN COMBINED CO
    * BOARD OF DIRECTORS IS EXPECTED TO BE COMPOSED OF EIGHT
MEMBERS,
WITH SIX MEMBERS DESIGNATED BY FORTE
    * BOARD OF DIRECTORS IS EXPECTED TO BE COMPOSED OF EIGHT
MEMBERS,
WITH TWO MEMBERS DESIGNATED BY TOCAGEN
    * TOTAL CASH BALANCE OF COMBINED COMPANY FOLLOWING CLOSING
OF
MERGER AND FINANCING IS EXPECTED TO BE APPROXIMATELY $25 MILLION

Source text for Eikon:  ID:nPnbSpdvla 
Further company coverage:  TOCA.O 

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