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TapImmune, Marker Therapeutics to Combine in Merger-of-Equals Transaction
Thursday 17 May 2018

17 May 2018 - Florida, US-based immuno-oncology company TapImmune Inc. (NASDAQ: TPIV) has entered into a definitive merger agreement to acquire Minnesota, US-based Marker Therapeutics, Inc. a clinical-stage developer of a non-genetically engineered, multi-antigen T cell therapy platform, the company said.
The proposed transaction will be a merger-of-equals under which the stockholders of TapImmune and Marker will each own approximately 50% of the combined company, prior to any issuances of additional shares in a contemplated financing.
The new company is expected to receive approximately USD 5.1m in equity financing through common stock purchase and warrant amendment agreements.
TapImmune is currently in discussions with a syndicate of leading healthcare-focussed institutional investors with respect to a potential financing in conjunction with the merger that will be expected to fund the combined company into 2020.
TapImmune, said the new therapies it is acquiring with Marker represent the next major leap forward in cell therapy for cancer.
The merger adds to the company's product pipeline a portfolio of highly-differentiated T cell therapies that has demonstrated potentially groundbreaking results in early clinical trials in lymphoma, acute myeloid leukemia, and multiple myeloma.
In conjunction with the transaction, TapImmune intends to finalise a strategic alliance with Baylor College of Medicine, which will include sponsored research, manufacturing support, and advancing early stage clinical trials at the institution.
Marker Therapeutics, Inc. is a clinical stage immuno-oncology company focussed on developing adoptive non-gene modified T cell therapies for the treatment of hematologic malignancies such as Acute Myeloid Leukemia, Lymphoma, and Multiple Myeloma.
TapImmune Inc. is in the development of novel immunotherapies for cancer, with multiple Phase 2 and Phase 1b/2 clinical studies currently ongoing for the treatment of ovarian and breast cancer.
Nomura Securities International, Inc. acted as the exclusive financial advisor to TapImmune. Seyfarth Shaw LLP served as legal counsel to TapImmune. Winthrop and Weinstine, PA served as legal counsel to Marker.
Date Published: 17/05/2018
Target: Marker Therapeutics
Country: USA
Deal Size: 80m (USD)
Sector: Pharmaceuticals
Type: Merger
Financing: Stock
Status: Agreed
Buyer: TapImmune Inc
Buyer Advisor: Nomura Securities International , Seyfarth Shaw