Organovo and Tarveda Therapeutics to merge

Organovo (Nasdaq: ONVO) and privately-held fellow USA-based Tarveda Therapeutics on Monday announced that they have entered into a definitive all-stock merger agreement, with the news sending Organovo’s shares up 24% to $0.62, but still down 40% year-to-date.

On completion of the merger, the combined company would operate under the name Tarveda Therapeutics and trade on the Nasdaq Stock Market under the ticker symbol “TVDA.” Under the terms of the merger, it is anticipated that Tarveda stockholders will own around 75% of the combined company and current Organovo stockholders will own about 25% on a fully-diluted basis.

Will continue two clinical stage oncology programs, PEN-866 and PEN-221