French biotechs OSE Pharma and Effimune to merge

French biotech firms OSE Pharma (Euronext Paris: OSE) and Effimune have signed a proposed merger agreement. Financial terms of the accord were not disclosed.

The boards of directors of both OSE Pharma and Effimune have approved the proposed terms of the merger, which will be submitted for approval to the shareholders of the two companies during Extraordinary General Meetings that are expected to take place at the end of the second quarter of 2016. The merger will result in the shareholders of OSE Pharma owning approximately 71% of the capital of the merged entity and the shareholders of Effimune, 29%.

The new company will benefit from a balanced portfolio that would open up major avenues to growth and have a financial visibility of about two years to advance its projects toward greater attractiveness.