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CHAC

Chardan Healthcare

$9.81

(0.00%)

08:17
07/17/19
07/17
08:17
07/17/19
08:17

Chardan Healthcare signs merger agreement with BiomX

Chardan Healthcare has entered into a definitive agreement for a business combination with BiomX, a microbiome company developing both natural and engineered phage therapies. Assuming no redemption of CHAC shareholders, the combined company will have an initial market capitalization of approximately $254M. Upon closing of the transaction, it is expected that CHAC will be renamed BiomX and remain on the NYSE under a new ticker symbol. CHAC has entered into a mix of commitments including purchase and sale, backstop, and voting agreements with BiomX and with investors so that the $50M minimum closing condition for the transaction has been satisfied. Proceeds from the transaction will provide BiomX with growth capital and the flexibility of a public listing to further accelerate BiomX's expansion as a microbiome product discovery company. BiomX is developing customized phage-based products designed to improve the appearance of acne-prone skin and eradicate harmful bacteria in chronic diseases.

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