World News – UK – Pharmaceutical company accepts US merger and NASDAQ listing

A Leeds-based pharmaceutical company specializing in the development of live biotherapeutics has entered into a merger agreement with a US company with the company expected to become listed on NASDAQ

CAMEROON MAGAZINE - GM22/10/20202 Mins read65 Views

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A Leeds-based pharmaceutical company specializing in the development of live biotherapeutics has entered into a merger agreement with a US company with the company expected to become listed on NASDAQ

4D Pharma has entered into a merger agreement with Longevity Acquisition Corporation, a special purpose acquisition company listed on the NASDAQ

The deal is expected to close in early 2021, subject to shareholder approval and the SEC review process 4D will also maintain its current listing on AIM

Upon completion of the work, the pharmaceutical company will be the surviving entity and Longevity shareholders will receive US Depositary Shares (ADS) representing 4D shares

Based on a price of £ 10 per share, the 4D ordinary shares underlying the ADS represent a total value of approximately $ 26 1 million (£ 19 9m)

Duncan Peyton, Managing Director of 4D Pharma, said: “Despite the enormous operational and economic challenges in 2020 created by the global pandemic, 4D has made significant progress on several fronts.

This includes 4D presenting clinical data on live biotherapies for the treatment of cancer in combination with MSD’s Keytruda, as well as positive Phase II results for the first drug candidate capable of treating both IBS-C and IBS-D

« In addition, earlier in 2020 4D was able to quickly launch a Phase II clinical trial in Covid-19 based on our detailed understanding of our asthma program

« We anticipate that a NASDAQ listing will allow 4D to capitalize on the increased interest of US investors in the healthcare industry over the past few years and provide access to a much larger pool of specialist capital, thus increasing our global profile and exposure »

Matthew Chen, Managing Director of Longevity, added: « We are really excited about the merger with 4D Our team looked at many opportunities in various industries and determined that the transaction with 4D would bring the greatest value to our shareholders.

« 4D Develops Promising Biotherapies to Address Unmet medical needs We are impressed with the track record of 4D’s leadership team in drug development and partnership We are very excited about the future prospects of the extended group «

N 1 Singer Advisory is the financial advisor, appointed advisor and co-broker of 4D pharma Chardan Capital Markets is the US financial advisor of 4D Pharma and Longevity Acquisition Corporation

4D Pharma /

Longevity Acquisition Company /

Stephen Farrell, Senior Digital Team Editor T: 0844 980 0183E: stephenfarrell @ newscocom

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