Innovate Biopharmaceuticals is merging with RDD Pharma to create a gastroenterology company focused on specialty, rare and orphan diseases.
Innovate will acquire all outstanding capital stock of RDD in exchange for a combination of common and preferred shares.
After the merger, the combined entity will be renamed 9 Meters Biopharma. Current RDD CEO John Temperato will become head of the new venture. Mr. Temperato notably helped build out Salix Pharmaceuticals before its acquisition by Bausch Health, then known as Valeant Pharmaceuticals.
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