Tharimmune Signs Nonbinding Letter of Intent to Merge With Intract Pharma to Create Transformative Oral Biologic Therapeutics Company
Tharimmune (NASDAQ:THAR) and Intract Pharma have signed a nonbinding letter of intent for a merger, aiming to create a transformative oral biologic therapeutics company. The deal, expected to close in Q1 2025, will see Intract shareholders owning 49% of the combined entity, which will retain the Tharimmune name and NASDAQ listing. This merger is set to expand Tharimmune's product pipeline and strengthen its position in the multibillion-dollar biologics market.
The combined company will leverage Intract's innovative oral biologics delivery platform, which protects molecules as they pass through the gastrointestinal tract. This technology has the potential to revolutionize biologic administration, improving patient compliance and quality of life. The merger builds on a previous licensing agreement between the two companies for INT-023/TH023, an oral anti-TNF alpha monoclonal antibody.
Tharimmune (NASDAQ:THAR) e Intract Pharma hanno firmato una lettera di intenti non vincolante per una fusione, con l'obiettivo di creare una società innovativa nel settore delle terapie biologiche orali. L'accordo, che si prevede si chiuderà nel primo trimestre del 2025, vedrà gli azionisti di Intract possedere il 49% dell'entità combinata, che manterrà il nome Tharimmune e la quotazione NASDAQ. Questa fusione è destinata a espandere il portafoglio prodotti di Tharimmune e rafforzare la sua posizione nel mercato dei biologici da miliardi di dollari.
La società combinata sfrutterà la piattaforma innovativa di somministrazione di biologici orali di Intract, che protegge le molecole mentre attraversano il tratto gastrointestinale. Questa tecnologia ha il potenziale di rivoluzionare la somministrazione dei biologici, migliorando l'aderenza dei pazienti e la qualità della vita. La fusione si basa su un precedente accordo di licenza tra le due aziende per INT-023/TH023, un anticorpo monoclonale anti-TNF alpha orale.
Tharimmune (NASDAQ:THAR) e Intract Pharma han firmado una carta de intenciones no vinculante para una fusión, con el objetivo de crear una compañía transformadora de terapias biológicas orales. Se espera que el acuerdo se cierre en el primer trimestre de 2025, donde los accionistas de Intract poseerán el 49% de la entidad combinada, que mantendrá el nombre de Tharimmune y su listado en NASDAQ. Esta fusión tiene como objetivo expandir la cartera de productos de Tharimmune y fortalecer su posición en el mercado de biológicos de miles de millones de dólares.
La empresa combinada aprovechará la innovadora plataforma de entrega de biológicos orales de Intract, que protege las moléculas mientras atraviesan el tracto gastrointestinal. Esta tecnología tiene el potencial de revolucionar la administración de biológicos, mejorando la adherencia del paciente y la calidad de vida. La fusión se basa en un acuerdo de licencia previo entre las dos compañías para INT-023/TH023, un anticuerpo monoclonal anti-TNF alfa oral.
Tharimmune (NASDAQ:THAR)와 Intract Pharma는 합병을 위한 비구속 의향서에 서명했으며, 이는 혁신적인 경구 생물 치료제 회사를 만드는 것을 목표로 하고 있습니다. 협정은 2025년 1분기에 마무리될 것으로 예상되며, Intract의 주주들은 결합된 기업의 49%를 소유하게 되고, Tharimmune 이름과 NASDAQ 상장도 유지됩니다. 이 합병은 Tharimmune의 제품 파이프라인을 확장하고 수십억 달러 규모의 생물학 시장에서의 입지를 강화할 것입니다.
결합된 회사는 Intract의 혁신적인 경구 생물학적 전달 플랫폼을 활용하여, 분자가 소화관을 통과하는 동안 보호합니다. 이 기술은 생물학적 약물 투여 방식을 혁신할 잠재력을 가지고 있으며, 환자의 순응도와 삶의 질을 향상시킵니다. 이 합병은 INT-023/TH023에 대한 두 회사 간의 이전 라이선스 계약을 바탕으로 하고 있습니다, 이는 경구용 항-TNF 알파 단클론 항체입니다.
Tharimmune (NASDAQ:THAR) et Intract Pharma ont signé une lettre d'intention non contraignante pour une fusion, visant à créer une entreprise de thérapies biologiques orales transformative. L'accord, prévu pour clore au premier trimestre 2025, verra les actionnaires d'Intract détenir 49 % de l'entité combinée, qui conservera le nom de Tharimmune et sa cotation NASDAQ. Cette fusion devrait élargir le portefeuille de produits de Tharimmune et renforcer sa position sur le marché des biologiques de plusieurs milliards de dollars.
L'entreprise combinée exploitera la plateforme innovante de délivrance de biologiques oraux d'Intract, qui protège les molécules en traversant le tractus gastro-intestinal. Cette technologie a le potentiel de révolutionner l'administration des biologiques, en améliorant la conformité des patients et la qualité de vie. La fusion repose sur un précédent accord de licence entre les deux entreprises pour INT-023/TH023, un anticorps monoclonal anti-TNF alpha oral.
Tharimmune (NASDAQ:THAR) und Intract Pharma haben ein nicht bindendes Absichtsschreiben für eine Fusion unterzeichnet, mit dem Ziel, ein transformierendes Unternehmen für orale biologisch-therapeutische Produkte zu schaffen. Der Deal, der voraussichtlich im ersten Quartal 2025 abgeschlossen wird, sieht vor, dass die Intract-Aktionäre 49 % des kombinierten Unternehmens besitzen werden, das den Namen Tharimmune und die NASDAQ-Notierung beibehält. Diese Fusion soll Tharimmunes Produktpipeline erweitern und seine Position im multimilliarden Dollar schweren Biologika-Markt stärken.
Das kombinierte Unternehmen wird die innovative Plattform von Intract für die orale Abgabe von Biologika nutzen, die Moleküle schützt, während sie den Verdauungstrakt durchqueren. Diese Technologie hat das Potenzial, die Verabreichung von Biologika zu revolutionieren und die Patienteneinhaltung sowie die Lebensqualität zu verbessern. Die Fusion baut auf einem früheren Lizenzvertrag zwischen den beiden Unternehmen für INT-023/TH023, einem oralen Anti-TNF-alpha-Monoklonalen Antikörper, auf.
- Merger expands Tharimmune's product pipeline in the high-value biologics market
- Intract's oral biologics delivery platform offers potential for improved patient compliance and outcomes
- Combined entity expected to reach multiple value-creating milestones over next 24 months
- Merger strengthens Tharimmune's competitive position in the biotechnology industry
- Merger subject to execution of definitive agreement and closing conditions
- Integration challenges may arise from combining two companies
- Existing Tharimmune shareholders will experience dilution with Intract shareholders receiving 49% of combined entity
Insights
The proposed merger between Tharimmune and Intract Pharma represents a significant strategic move in the biotechnology sector. This deal aims to create a leading oral biologics company, combining Tharimmune's clinical-stage assets with Intract's innovative delivery platform. Key financial implications include:
- Equity structure: Intract shareholders will own
49% of the combined entity - Market positioning: Potential to capture a larger share of the multibillion-dollar biologics market
- Pipeline expansion: Enhanced product portfolio with potential for multiple value-creating milestones
- Synergies: Combining Tharimmune's clinical development expertise with Intract's delivery technology
While specific financial terms are not disclosed, the merger could lead to increased research and development costs in the short term, balanced by potential long-term revenue growth from a broader product pipeline. Investors should monitor progress towards closing the deal, expected in Q1 2025 and subsequent clinical developments.
This merger signifies a strategic shift in the biologics landscape, potentially disrupting the traditional injectable biologics market. Key industry implications include:
- Oral biologics innovation: Intract's Soteria® and Phloral® platforms could overcome the long-standing challenge of oral delivery for large molecule drugs
- Market expansion: Oral formulations may increase patient acceptance and compliance, potentially growing the overall biologics market
- Competitive advantage: Success in oral biologics could give the combined entity a significant edge over competitors relying on injectable formulations
- Pipeline diversification: The merger combines Tharimmune's inflammation and immunology focus with Intract's delivery expertise, potentially accelerating development across multiple therapeutic areas
The success of this venture could catalyze a shift in how biologics are developed and administered industry-wide, potentially attracting attention from larger pharmaceutical companies and investors focused on disruptive healthcare technologies.
- Business combination to form a best-in-class, transformative oral biologics company
- Synergies between Tharimmune's clinical-stage assets and Intract's delivery platform to drive pipeline growth
- Merger anticipated to close in 1Q25
BRIDGEWATER, NJ and LONDON, UK / ACCESSWIRE / September 30, 2024 / Tharimmune, Inc. (NASDAQ:THAR) ("Tharimmune"), a clinical-stage biotechnology company developing a portfolio of therapeutic candidates in inflammation and immunology, and Intract Pharma Ltd. ("Intract"), a biopharmaceutical company developing disruptive delivery solutions for oral biologics, announced today they have entered into a nonbinding, exclusive letter of intent ("LOI") pursuant to which Tharimmune will acquire all outstanding shares of privately-held Intract in exchange for newly issued restricted common stock.
Under the terms of the LOI, following the execution of a definitive agreement and the closing of the merger, Intract shareholders will own
Tharimmune believes the merger will position the combined company to reach multiple milestones with significant value-creation potential over the next 24 months, driven by a strong clinical pipeline, a seasoned Board of Directors, a unified management team and the support of current healthcare-focused investors. Furthermore, this transaction aims to expand Tharimmune's product pipeline and reinforce its commitment to pioneering novel treatments, thereby enhancing its competitive position in the high-value, multibillion-dollar biologics market.
"We are delighted to announce this potential transaction with Intract and their groundbreaking oral biologics platform, which holds potential to revolutionize the way biologics are administered. By leveraging the cutting-edge work by their team, we are poised to deliver best-in-class therapeutic solutions designed to enhance patient outcomes and set new industry standards," said Randy Milby, CEO of Tharimmune. "This transformative step for both organizations underscore our shared commitment to innovation, and positions us at the forefront of the industry while enabling us to make a meaningful impact on patients' lives."
"Intract has steadfastly believed in the differentiated profile of targeted orally delivered antibody therapeutics and other innovative biologic modalities to benefit patients suffering from immuno-inflammatory and other chronic indications currently served only by injectable biologics," said Vipul Yadav, CEO of Intract Pharma. "We are excited about the prospect of partnering with Tharimmune, which brings high-quality resources, clinical-development expertise and a commitment to addressing immune-mediated diseases. Together, we look forward to advancing our pipeline towards the clinic in areas of high unmet need."
Beyond expanding Tharimmune's therapeutic pipeline, the proposed transaction, which is expected to close in the first quarter of 2025, is expected to create significant shareholder value by strengthening the company's competitive position in the high-value, multibillion-dollar biologics market. The transaction represents a strategic opportunity for the combined company to strengthen its position in the biotechnology industry, expand its therapeutic pipeline and create long-term value for shareholders.
The development of oral biologics holds immense potential to improve patient compliance and overall quality of life. By offering a more convenient and less invasive method of delivery, patients are more likely to adhere to their treatment regimens. This may, in turn, lead to better health outcomes and a higher quality of life for those who require long-term therapy with biologics. Intract's oral biologics delivery platform is designed to protect the molecules as they pass through the harsh environment of the gastrointestinal tract, ensuring they reach their target sites in the diseased tissue or in systemic circulation. This innovative approach holds potential to revolutionize the way biologics are administered, making treatments more accessible and less burdensome for patients.
On September 16, 2024, Tharimmune announced it entered into a definitive agreement with Intract Pharma to exclusively license INT-023/TH023, an oral anti-tumor necrosis factor alpha monoclonal antibody, infliximab. Under the terms of the agreement, Tharimmune licensed global development and commercialization rights (outside of South Korea) to Intract Pharma's Soteria® and Phloral® delivery platform along with an existing supply agreement for infliximab to be used in the oral product development program. That agreement is not impacted by the acquisition letter of intent.
About Intract Pharma
Intract is a biopharmaceutical company developing disruptive oral antibody delivery solutions using the Soteria® and Phloral® delivery platform to significantly improve the efficacy and safety of emerging and established protein therapeutics, as well as improve patient experience and outcomes in inflammation and immunology indications. Its platform leverages the advantage of precision targeting of large proteins and antibodies to the colon, while also protecting the biologics from enzymatic breakdown, allowing tissue/systemic uptake to create next-generation oral antibody medicines. For more information, please visit www.intractpharma.com.
About Tharimmune
Tharimmune, Inc. is a clinical-stage biotechnology company developing a portfolio of therapeutic candidates for inflammation and immunology. The Company's lead clinical-stage asset, TH104, is known to suppress chronic, debilitating pruritus or "uncontrollable itching" in PBC, a rare and orphan liver disease with no known cure. The Company's early-stage immunology pipeline includes novel multi-specific antibodies targeting unique epitopes with novel mechanisms of action against well-known, validated targets in multiple solid tumors, including PD-1, HER2 and HER3. Tharimmune has a license agreement with OmniAb, Inc. to access the company's antibody discovery technology platform against these and other specified targets. For more information, please visit www.tharimmune.com.
Forward Looking Statements
Certain statements in this press release are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, contained in this press release, including statements regarding Tharimmune's or Intract's future financial or operating performance, the timing and design of Tharimmune's future Phase 2 trial, Tharimmune's and Intract's expectations with respect to the Merger, including the timing of entering into a definitive agreement, the timing of closing thereof, the pro forma ownership of the combined company, anticipated financing plans, the combined company's strategy, future operations, future financial position, projected costs, prospects, plans and objectives of management, are forward-looking statements. The words "anticipate," "believe," "continue," "could," "depends," "estimate," "expect," "intend," "may," "ongoing," "plan," "potential," "predict," "project," "target," "should," "will," "would," and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, Tharimmune and Intract's management. Tharimmune may not actually achieve the plans, intentions, or expectations disclosed in these forward-looking statements, and you should not place undue reliance on these forward-looking statements. Actual results or events could differ materially from the plans, intentions and expectations disclosed in these forward-looking statements. Factors that may cause such differences, include, but are not limited to, those discussed under Risk Factors set forth in our Annual Report on Form 10-K for the year ended December 31, 2023 and other periodic reports filed by Tharimmune from time to time with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent Tharimmune's and Intract's views as of the date of this release. Subsequent events and developments may cause Tharimmune's views to change; however, Tharimmune does not undertake and specifically disclaims any obligation to update or revise any forward-looking statements to reflect new information, future events or circumstances or to reflect the occurrences of unanticipated events, except as may be required by applicable law. These forward-looking statements should not be relied upon as representing Tharimmune's views as of any date subsequent to the date of this release.
Contacts:
Intract Pharma, Ltd.
vipul.yadav@intractpharma.com
Tharimmune, Inc.
ir@tharimmune.com
LHA Investor Relations
Tirth T. Patel
tpatel@lhai.com
212-201-6614
Contact Information
Tirth Patel
LHA Investor Relations
tpatel@lhai.com
1-212-201-6614
SOURCE: Tharimmune, Inc.
View the original press release on accesswire.com
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