Celsus Therapeutics and Volution Immuno close merger transaction

USA-based Celsus Therapeutics’ (Nasdaq: CLTX) shares rocketed 84% to $36.01 by close of trading on Friday, as the company said that shareholders had approved the previously-announced all-stock acquisition of privately held Swiss biotech firm Volution Immuno Pharmaceuticals (The Pharma Letter July 13), and that the transaction has now closed.

The combined company has changed its name to Akari Therapeutics, Plc and will trade on the Nasdaq Capital Market under the symbol "AKTX" beginning on September 21, 2015. Akari will focus on development and commercialization of life-transforming treatments for a range of rare and orphan autoimmune and inflammatory diseases caused by dysregulation of complement C5, including paroxysmal nocturnal hemoglobinuria (PNH) and atypical hemolytic uremic syndrome (aHUS).

In connection with the acquisition, Celsus issued an aggregate of 722,345,600 ordinary shares to RPC Pharma, the sole shareholder of Volution, representing 92.85% of Celsus’ outstanding ordinary shares immediately following the closing of the acquisition (or 91.68% of Celsus ordinary shares on a fully diluted basis).