Tocagen soars on news of merger with Forte Biosciences

20 February 2020

Shares of US biopharma company Tocagen (Nasdaq: TOCA) skyrocketed more than 80% to $0.89 in after-hours trading on Wednesday, after the company revealed it was planning an all-stock merger with privately-held Forte Biosciences.

The merged company will focus on advancing Forte's clinical program in inflammatory skin diseases, including atopic dermatitis. Upon stockholder approval, the combined company is expected to operate under the name Forte Biosciences and trade on the Nasdaq Capital Market under the ticker symbol FBRX.

It is anticipated that Forte equity-holders immediately prior to the merger will around 74.5% of the combined company and shareholders of Tocagen about 25.5%.

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