ARCA biopharma And Oruka Therapeutics Announce Merger Agreement, The Deal Is Expected To Close in Q3 Of 2024
Portfolio Pulse from Benzinga Newsdesk
ARCA biopharma and Oruka Therapeutics have announced a merger agreement, aiming to create a company focused on advancing Oruka's novel biologics for chronic skin diseases. The deal, expected to close in Q3 of 2024, will support the development of ORKA-001 and ORKA-002 into clinical trials by 2025, with a pre-closing private financing of approximately $275 million to fund operations through 2027.
April 03, 2024 | 11:32 am
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ARCA biopharma's merger with Oruka Therapeutics is expected to significantly enhance its product pipeline, focusing on chronic skin diseases. The merger, supported by $275 million in financing, aims to advance two potentially best-in-class antibodies into clinical trials by 2025.
The merger between ARCA biopharma and Oruka Therapeutics is a strategic move to enhance ARCA's product pipeline with novel treatments for chronic skin diseases. The significant pre-closing financing of $275 million indicates strong financial backing, which is expected to fund operations and development activities through 2027. This financial and strategic support is likely to positively impact ARCA biopharma's stock in the short term, as it demonstrates progress towards bringing potentially best-in-class treatments to market.
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