Ayala Pharmaceuticals and Israel’s Biosight to merge
The publicly traded clinical-stage oncology company, Ayala Pharmaceuticals has merged with Biosight Ltd., a privately-held pharmaceutical company developing innovative therapeutics for hematological malignancies and disorders.
Following the all-stock transaction, the combined company will operate under the name Ayala Pharmaceuticals, Inc., and will continue to trade on the OTCQX under Ayala’s current ticker symbol (“ADXS”).
Horn & Co. and Goodwin advised BioSight, which was founded in 2000 and is based in Lod, Israel. Morgan Lewis and Meitar acted for Ayala of the U.S.
Under the terms of the merger agreement, upon completion of the merger, ownership of the combined company will be split, with 55% ownership going to Biosight stockholders and 45% going to Ayala stockholders. The merger agreement has been unanimously approved by the Board of Directors of each company.
