Erytech and Pherecydes to merge

16 February 2023

French biotech firms Erytech Pharma (Nasdaq: ERYP) and Pherecydes Pharma (FR0011651694 - ALPHE) today announced they intend to merge their operations and relocate all teams to Erytech’s premises in Lyon, France, where they would benefit from presence in a major European hub for infectious diseases.

Responding to the news, US traded shares of Pherecydes jumped 7.6% to $2.83 while those of Erytech gained 3.4% to $0.91.

Under the terms of the Memorandum of Understanding, Pherecydes shareholders would receive 15 new Erytech shares for every four Pherecydes shares they currently own. Upon completion of the transaction, Pherecydes shareholders are expected to hold around 49.5% of the share capital and voting rights of Erytech.

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