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Lexington biotech Synageva BioPharma Corp. plans to become a public company by acquiring Trimeris Inc. of Durham. N.C., in a stock-for-stock merger deal.
According to a release from Synageva, after the deal has closed the resulting company will keep the name Synageva BioPharma Corp. and will be led by the existing Synageva management team. Sanj K. Patel will continue as president and CEO.
Following the close of deal, Synageva stockholders will own approximately 75 percent of the combined company’s shares outstanding, and Trimeris stockholders will own approximately 25 percent. The board will be composed of members of both companies’ boards.
Patel said that the deal will help Synageva move forward its compound SBC-102, an enzyme replacement therapy for LAL Deficiency, a rare disease sometimes called Cholesteryl Ester Storage Disease (CESD) that affects both children and adults. SBC-102 has already been given orphan drug designations in both the United States and European Union.
The ticker symbol for the resulting public version of Synageva wasn’t revealed, but Trimeris trades on the Nasdaq under the symbol “TRMS.”
Synageva moved its headquarters to Massachusetts in 2008, following 10 years in Atlanta under a former name, AviGenics.
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