Akari Therapeutics and Peak Bio announce a merger, forming Akari Therapeutics, Plc. The combined entity, listed on Nasdaq as AKTX, will focus on autoimmune and inflammatory diseases, oncology, and inflammation. With an expanded pipeline featuring innovative ADC technology and multiple assets, the merger aims for broader patient impact. Dr. Hoyoung Huh will lead the board. Transaction details include an all-stock exchange and an expected closure in the late second quarter, pending approvals. Legal advisors are Goodwin Procter LLP and DLA Piper LLP.
Akari Therapeutics (Nasdaq: AKTX), a biotechnology company specializing in advanced therapies for autoimmune and inflammatory diseases, and Peak Bio Inc. (OTC: PKBO), a biopharmaceutical company focusing on inflammation and oncology therapeutics, have announced a definitive agreement to merge as equals in an all-stock transaction. The combined entity will continue as Akari Therapeutics, Plc, listed on the Nasdaq Capital Market as AKTX.
This merger will result in an expanded pipeline with assets spanning early to late development stages. The merged company plans to assess the pipeline for program prioritization, updated timelines, and value creation opportunities. Key highlights include:
– Peak Bio’s innovative ADC toolkit and lead program, combining chemotherapy with immunotherapy strategies, aimed at delivering cutting-edge solutions for cancer patients.
– Multiple assets, such as Akari’s nomacopan for pediatric hematopoietic stem cell transplant-related thrombotic microangiopathy (HSCT-TMA) and Peak Bio’s Phase 2-ready PHP-303 program targeting alpha-1 antitrypsin deficiency (AATD).
– Strategic emphasis on business development and licensing for broader patient impact.
– Established leadership, with Dr. Hoyoung Huh expected to serve as incoming Chairman of the Board.
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Under the agreement, Peak stockholders will receive Akari ordinary shares based on an exchange ratio, resulting in approximately 50% ownership for both Akari and Peak shareholders, subject to adjustment based on net cash levels at closing.
The transaction is expected to close in the late second quarter of this year, pending customary closing conditions and shareholder approvals.
Legal advisors for the transaction are Goodwin Procter LLP for Akari and DLA Piper LLP for Peak Bio.
