MergerJun 11, 2026, 12:51 PM
Adial Pharmaceuticals Acquires Azora Therapeutics for Up to $64M Financing
AI Summary
Adial Pharmaceuticals, Inc. has acquired Azora Therapeutics, Inc. in a merger transaction. The acquisition is supported by a concurrent private placement of up to $64 million, with $32 million upfront and an additional $32 million contingent on milestones. The combined company will advance Azora's lead asset, AT177, a colon-targeted aryl hydrocarbon receptor (AhR) agonist for ulcerative colitis. The transaction also includes the appointment of Wendy Young, Ph.D. to Adial's Board of Directors.
Key Highlights
- Adial Pharmaceuticals acquired Azora Therapeutics via a merger agreement.
- The acquisition was financed by an upfront private placement of approximately $32 million, with potential for an additional $32 million.
- Adial issued 437,474 shares of Common Stock and 12,930.617 shares of Series A Convertible Preferred Stock to Azora stockholders.
- The combined company will focus on advancing Azora's lead asset, AT177, a colon-targeted AhR agonist for ulcerative colitis.
- The private placement included pre-funded warrants to purchase 11,780,948 shares of common stock at $2.7489 per warrant.
- Wendy Young, Ph.D., was appointed to Adial's Board of Directors.
Price Impact
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