Nuvation Bio Inc. has announced its acquisition of AnHeart Therapeutics Ltd. in an all-stock transaction, signaling a transformative move that positions Nuvation Bio as a late-stage global oncology company. With the acquisition, Nuvation Bio gains access to AnHeart's lead assets, including taletrectinib and safusidenib, both of which are undergoing pivotal studies for the treatment of specific types of cancer.
Following the acquisition, Nuvation Bio will issue approximately 43,590,197 shares of its class A common stock, 851,212 shares of its series A non-voting convertible preferred stock, and warrants collectively exercisable for 2,893,731 shares of its class A common stock to AnHeart securityholders. Notably, the transaction is expected to close in the second quarter of 2024.
Taletrectinib, AnHeart's lead asset, has been granted breakthrough therapy designations by the U.S. Food and Drug Administration (FDA) and China’s National Medical Products Administration (NMPA) for the treatment of advanced or metastatic ROS1-positive non-small cell lung cancer (NSCLC). Additionally, the NMPA has accepted and granted priority review designation to new drug applications for taletrectinib for the treatment of adult patients with locally advanced or metastatic ROS1-positive NSCLC who either have or have not previously been treated with ROS1 TKIs.
Safusidenib, another asset acquired through this transaction, is a novel, selective, potent, oral midh1 inhibitor currently being evaluated in a global phase 2 study in patients with grades 2 and 3 IDH1-mutant glioma.
Nuvation Bio's financial strength and robust cash balance, combined with AnHeart's pipeline, are expected to create a market leader in the oncology space. The acquisition aligns with Nuvation Bio's commitment to developing therapies for patients with the most difficult-to-treat cancers and enables the company to continue executing its development strategy for a differentiated pipeline.
Nuvation Bio plans to schedule a conference call to discuss the acquisition after it has closed. The company has Evercore as its exclusive financial advisor and Cooley LLP as its legal counsel, alongside Morrison & Foerster LLP as intellectual property counsel, Haiwen & Partners as Chinese legal counsel, and Conyers as Cayman Islands legal counsel.
This acquisition represents a significant move in the biopharmaceutical industry and positions Nuvation Bio as a major player in the global oncology market, with a clear path towards potential commercialization by the end of 2025. As a result of these announcements, the company's shares have moved -2.4% on the market, and are now trading at a price of $2.25. For more information, read the company's full 8-K submission here.
