Regado Biosciences And Tobira Therapeutics To Merge - Quick Facts

(RTTNews) - Regado Biosciences Inc. (RGDO) and Tobira Therapeutics Inc. announced that they have entered into a definitive agreement under which privately-held Tobira will merge with a wholly-owned subsidiary of Regado in an all-stock transaction.

Upon closing of the transaction, Regado will be renamed Tobira Therapeutics, Inc., and will be under the leadership of Tobira's chief executive officer, Laurent Fischer, M.D.

On a pro forma basis and based upon the number of shares of Regado common stock to be issued in the merger, current Regado shareholders will own approximately 32% of the combined company and current Tobira shareholders will own approximately 68% of the combined company.

The transaction has been approved by the board of directors of both companies. The merger is expected to close in the second quarter of 2015, subject to the approval of the stockholders of each company as well as other customary conditions.

Following the merger, the company will be led by Fischer as chief executive officer. The board of directors of the combined company will be comprised of nine representatives, three of whom will be designated by Regado and the remaining six of whom will be designated by Tobira.

Dennis Podlesak, current chairman of Regado's board, will be chairman of the board of the combined company. The corporate headquarters will be located in South San Francisco, California.