Foamix Pharmaceuticals (NASDAQ:FOMX) and Menlo Therapeutics (NASDAQ:MNLO) have signed a definitive merger agreement to create a combined biopharmaceutical company focused on the commercialization and development of therapeutics to serve patients in the dermatology space.
The combined company will have a diversified portfolio including an approved product and three late-stage product candidates focused on dermatologic indications. The transaction is structured as a stock-for-stock exchange.
Under the terms of the merger agreement, each share of Foamix stock will be exchanged for 0.5924 of a share of Menlo common stock and a contingent stock right (“CSR”).
Foamix and Menlo shareholders will own ~59% and ~41%, respectively, of the combined company on a pro forma, fully diluted basis.
The combined company will be led by David Domzalski, CEO of Foamix and headquartered in New Jersey.
The transaction is expected to be completed in late Q1/early Q2 of 2020.
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