Brief: Yumanity Therapeutics And Proteostasis Therapeutics Announce Merger Agreement

Kineta

24/08/2020 12:59

Aug 24 (Reuters) - Proteostasis Therapeutics Inc  PTI.O :
    * YUMANITY THERAPEUTICS AND PROTEOSTASIS THERAPEUTICS
ANNOUNCE
MERGER AGREEMENT
    * PROTEOSTASIS THERAPEUTICS INC - WILL ACQUIRE ALL
OUTSTANDING
SHARES OF YUMANITY IN EXCHANGE FOR NEWLY-ISSUED SHARES OF PTI
COMMON STOCK
    * PROTEOSTASIS - UPON COMPLETION OF PROPOSED ACQUISITION, IT
IS
ANTICIPATED THAT EXISTING PTI SHAREHOLDERS WILL OWN ABOUT 32.5%
OF COMBINED CO
    * PROTEOSTASIS THERAPEUTICS INC - EXISTING YUMANITY
DIRECTORS WILL
CONTINUE TO SERVE IN THEIR CURRENT POSITIONS
    * PROTEOSTASIS THERAPEUTICS - FOLLOWING COMPLETION OF
MERGER,
YUMANITY BOARD WILL BE EXPANDED TO 9, TO INCLUDE APPOINTMENT OF
2 CURRENT CO'S DIRECTORS
    * PROTEOSTASIS THERAPEUTICS INC - COMBINED COMPANY IS
EXPECTED TO
TRADE ON NASDAQ GLOBAL MARKET UNDER TICKER SYMBOL YMTX
    * PROTEOSTASIS THERAPEUTICS INC - IN CONJUNCTION WITH MERGER
ANNOUNCEMENT, PTI HAS REDUCED ITS WORKFORCE BY 79%
    * PROTEOSTASIS THERAPEUTICS INC - PURSUING A STRATEGIC
TRANSACTION
RELATED TO ITS PROPRIETARY CFTR MODULATORS
    * PROTEOSTASIS THERAPEUTICS INC - PLANS TO SHARE PROCEEDS
FROM ANY
MONETIZATION OF ITS CF ASSETS THROUGH CONTINGENT VALUE RIGHTS
    * PROTEOSTASIS THERAPEUTICS INC -  UPON ANTICIPATED CLOSING
OF
MERGER, YUMANITY CEO RICHARD PETERS WILL BECOME PRESIDENT, CEO
OF COMBINED CO

Source text for Eikon:  ID:nPn5VpQ7ga 
Further company coverage:  PTI.O 

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