ARCA biopharma, Inc. (ABIO), and Oruka Therapeutics have entered into a definitive agreement to combine in an all-stock deal. The pre-merger ARCA stockholders are expected to own approximately 2.38% of the combined company and the pre-merger Oruka stockholders are expected to own approximately 97.62% of the combined company. ARCA is anticipated to contribute $5 million to the combined entity and expects to pay a dividend to pre-merger ARCA stockholders of approximately $20 million.
Upon completion, the combined company plans to operate under the name Oruka Therapeutics, and trade on Nasdaq under the ticker symbol, ORKA. It will be led by Lawrence Klein, Oruka's current Chief Executive Officer. The combined company's cash balance at closing is expected to fund Oruka's operations through 2027.
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