Otic Pharma in deal to become Tokai's majority owner
After announcing back in September that it had initiated a review of strategic alternatives for the company, US biotech firm Tokai Pharmaceuticals (Nasdaq: TKAI) has now entered into transaction, with the news pushing its share 19.8% higher to $1.21 by close of trading on Thursday
Tokai and Otic Pharma, a privately-held, clinical-stage pharmaceutical company focusing on the development and commercialization of products for disorders of the ear, nose and throat, together with the shareholders of Otic Pharma, have entered into a definitive share purchase agreement under which the shareholders of Otic will become the majority owners of Tokai.
The transaction will result in a Nasdaq-listed company focused on the development and commercialization of products for ENT disorders, including Otic Pharma’s lead candidate which is a nasally-administered, combination drug product (OP-02) intended to address the underlying cause of otitis media and Eustachian tube dysfunction (OM/ETD), a condition that affects more than 700 million people around the world every year.
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