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BRIEF-Aduro Biotech, Chinook Therapeutics Report Definitive Merger Agreement
2020-06-02 19:36
June 2 (Reuters) - Aduro Biotech Inc :
* ADURO BIOTECH AND CHINOOK THERAPEUTICS ANNOUNCE DEFINITIVE MERGER AGREEMENT
* ADURO BIOTECH INC - COMBINED COMPANY WILL BE WELL-FUNDED WITH CASH POSITION OF ABOUT $200 MILLION EXPECTED AT CLOSING
* ADURO BIOTECH INC - MULTIPLE CLINICAL AND REGULATORY PIPELINE MILESTONES PLANNED FOR COMBINED CO OVER NEXT 12-18 MONTHS
* ADURO BIOTECH INC - FOLLOWING DEAL CLOSING, CO WILL BE RENAMED CHINOOK THERAPEUTICS, INC
* ADURO BIOTECH INC - FOLLOWING DEAL CLOSING, CO EXPECTED TO TRADE ON NASDAQ GLOBAL MARKET UNDER TICKER SYMBOL "KDNY"
* ADURO BIOTECH INC - WILL ACQUIRE CHINOOK FOR SHARES OF CO REPRESENTING ABOUT 50% OUTSTANDING STOCK IMMEDIATELY FOLLOWING DEAL COMPLETION
* ADURO BIOTECH INC - EFFECTIVE AS OF CLOSING OF TRANSACTION, ERIC DOBMEIER WILL BE PRESIDENT AND CEO OF COMBINED CO
* ADURO BIOTECH INC - EFFECTIVE AS OF DEAL CLOSING, BOARD OF COMBINED CO WILL HAVE 7 DIRECTORS
* ADURO BIOTECH - CURRENTLY EXPLORING STRATEGIC ALTERNATIVES FOR LEGACY PROGRAMS OUTSIDE OF KIDNEY DISEASE
* ADURO BIOTECH INC - IN CONNECTION WITH DEAL, CO'S CEO, STEPHEN ISAACS, WILL BE STEPPING DOWN
* ADURO BIOTECH - CHINOOK'S EXISTING INVESTORS COMMITTED TO INVEST ADDITIONAL $25 MILLION IN CONVERTIBLE NOTES PRIOR TO CLOSING
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((Reuters.Briefs@thomsonreuters.com;)
