Bone Therapeutics, an emblematic company in the Walloon biotech landscape and active in cell therapy, is set to merge with the Strasbourg-based biopharmaceutical company Medsenic.
Medsenic's shareholders will contribute 51% of the total principal outstanding, valued at €40.8 million, in exchange for new shares to be created by Bone, at a value of €0.45 per share, higher than the current price (€0.24).The transaction values Bone Therapeutics at €10 million.
"Combining the operations of these two biopharmaceutical companies would significantly de-risk and enlarge Bone Therapeutics' therapeutic portfolio, which targets a broad range of inflammatory and orthopaedic indications. The two companies are currently conducting several mid- to late-stage clinical trials on lupus, chronic graft-vs-host disease, tibial fractures and other indications. Combining these clinical development programmes within a single entity would therefore present a number of economic, financial and operational benefits and synergies." Excerpt from the Bone Therapeutics press release.
The new group resulting from this merger will be called BioSenic and will be led by the current CEO of Medsenic, François Rieger. Bone Therapeutics' current CEO, Miguel Forte, will be leaving the company in September, as will President Jean Stefenne.
Bone Therapeutics recently moved from the Bio Park in Gosselies to Mont Saint Guibert, and the new laboratory facilities will become the scientific centre of BioSenic.
The transaction still requires the approval of Bone Therapeutics' shareholders, and a decision will be made at an extraordinary general meeting in September.