logo
Plus   Neg
Share
Email

Akebia Therapeutics, Keryx Biopharma To Merge - Quick Facts

Akebia Therapeutics, Inc. (AKBA) and Keryx Biopharmaceuticals, Inc. (KERX) announced a definitive merger agreement under which the companies will combine in an all-stock merger. Keryx shareholders will receive 0.37433 common shares of Akebia for each share of Keryx they own. The exchange results in implied equity ownership in the combined company of 49.4 percent for Akebia shareholders and 50.6 percent for Keryx shareholders on a fully-diluted basis.

John Butler, President and Chief Executive Officer of Akebia, is expected to lead the combined company, and Keryx will appoint the Chairperson of the Board of the combined company. Jason Amello, Akebia's Chief Financial Officer, is expected to serve in the same capacity on the management team of the combined company.

The merger of Akebia and Keryx creates a renal-focused company with an implied pro forma equity value of approximately $1.3 billion, assuming full conversion of Keryx's outstanding convertible notes. The combined company will be named Akebia Therapeutics, Inc.

The Baupost Group, which owns approximately 21.4 percent of the outstanding Keryx common stock, has agreed to convert its outstanding convertible notes of Keryx into shares of Keryx common stock prior to closing and has entered into a voting agreement in support of the transaction. Muneer Satter, Chairperson of the Akebia Board and a shareholder who owns approximately 5.3 percent of outstanding Akebia common stock, has also agreed to support the transaction.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Delta Air Lines Inc. said Friday that it will invest $1 billion over the next decade to mitigate all greenhouse gas emissions from its global business, starting March 1, 2020. The company intends to become the first airline in the world to go carbon neutral. The airline said that over the next decade, it will spend $1 billion to drive innovation and advance clean-air travel technologies. Crown Castle International Corp. (REIT) (CCI) is currently gaining over 1% on Friday morning. Early this week, a U.S. District judge ruled in favor of Sprint and T-Mobile's long-pending $26 billion merger deal. The judge dismissed a lawsuit brought by a group of State Attorneys General. The deal is... Online furniture retailer Wayfair Inc. is cutting 550 jobs, or about 3 percent of its workforce, reports on Thursday quoted a company spokesperson as saying. The job cuts will impact about 350 employees at Wayfair's corporate headquarters in Boston. The company has more than 16,000 employees globally. Wayfair's shares tumbled 14 percent in Thursday's trading session following news of the job cuts.
Follow RTT
>