Tekmira Pharmaceuticals Corporation recently announced the completion of its merger with OnCore Biopharma, Inc. The merger enables the creation of a top-industry therapeutic solutions firm committed to developing a cure to address chronic hepatitis B virus infection (HBV) by furthering a broad, deep portfolio of both clinical and pre-clinical valuable assets toward a combination therapeutic approach.
This transaction was successfully approved with 99.5 percent of votes cast by Tekmira shareholders that voted during a Special Meeting held on Tuesday, March 3, 2015 (51.2 percent of the company’s shareholders were represented). Additionally, the transaction has received all requisite regulatory approvals in the United States and Canada.
“This exciting merger transforms Tekmira from a technology-based development company into a therapeutic solutions company, mobilizing what we believe is an unprecedented portfolio of high-value assets, plus the scientific expertise and development capabilities focused on discovering and developing a cure for HBV, a global unmet medical need. Tekmira’s unique business model combines multiple technologies and assets under one roof, enabling us to efficiently and rapidly evaluate a combination of therapeutic agents targeting multiple aspects of viral persistence. We intend to advance the most promising product candidates from our portfolio through clinical development as combination regimens, and to continue to evaluate new opportunities to expand our therapeutic reach. Our strategy is to maximize product opportunities, while reducing the risk associated with any single asset, which we believe provides a pathway to sustained value creation. We believe this strategy is unique in the industry today, and is one of our company’s most compelling features,” said Mark Murray, Tekmira’s CEO.
Vivek Ramaswamy, the Tekmira’s Chairman of the Board stated: “This transaction creates a new company committed to delivering a cure for the global epidemic of HBV infection. We have assembled a world-class management team and Board of Directors whose achievements include developing a cure for hepatitis C, pioneering RNAi drug discovery and development, and creating significant value for shareholders. The new Board of Directors intends to act rapidly and decisively to deliver value to shareholders.”
So far and until a new corporate identity is launched, the merged firm will continue using the Tekmira branding and trade under the ticker symbol of “TKMR” changed.