Rallybio to Merge with Avenzo Therapeutics; $215M Private Placement
Rallybio Corporation entered into a definitive merger agreement with Avenzo Therapeutics, a clinical-stage biotechnology company focused on next-generation oncology therapies. The combined company will operate as Avenzo Therapeutics, trading under "AVZO" on Nasdaq, and will be led by Avenzo's current management team. A concurrent oversubscribed private placement financing of $215 million is expected to fund operations into late 2028, supporting four clinical-stage oncology programs. Pre-Merger Rallybio equityholders are expected to own approximately 2.8% of the combined company, while Avenzo equityholders (including financing investors) will own about 97.2%. Rallybio stockholders will also receive CVRs from legacy asset sales.
Key Highlights
- Rallybio to merge with Avenzo Therapeutics, a clinical-stage oncology company.
- Concurrent oversubscribed private placement financing of $215 million.
- Pre-Merger Rallybio equityholders to own approximately 2.8% of the combined company.
- Pre-Merger Avenzo equityholders (including financing investors) to own approximately 97.2%.
- Combined company expects cash balance to fund operations into late 2028.
- Combined company will operate as Avenzo Therapeutics, led by Avenzo's current CEO.
- Pipeline includes four clinical-stage oncology programs: CDK inhibitors and bispecific ADCs.
- Rallybio stockholders to receive contingent value rights (CVRs) from legacy asset sales.
Price Impact
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