Date: 2017-08-08
Type of information: Restructuring
Compound:
Company: Galena Biopharma (USA - OR)
Therapeutic area: Cancer - Oncology - Hematological diseases
Type agreement: resignation - restructuring
Action mechanism:
Disease:
Details:
- • On January 31, 2017, Galena Biopharma announced that the Board of Directors has entered into a separation agreement with Mark W. Schwartz , Ph.D. under which Dr. Schwartz will resign from the company and its affiliates as the President, Chief Executive Officer, and member of the Board of Directors. The Board of Directors expects to appoint an Interim Chief Executive Officer in the next couple weeks.
The Board of Directors also announced that it is in the process of engaging an independent advisory firm to evaluate strategic alternatives for the company focused on maximizing stockholder value. Potential strategic alternatives that may be explored or evaluated as part of this review include continuing to advance the clinical programs as a stand-alone entity, a sale of the company, a business combination, merger or reverse merger, and a license or other disposition of corporate assets of the company. There is no set timetable for this process and there can be no assurance that this process will result in a transaction. While the Company evaluates its strategic alternatives, Galena’s investigator-sponsored immunotherapy trials will remain ongoing. The Company is evaluating the appropriate time to commence the GALE-401 trial and anticipates making a definitive determination in the second half of 2017.
Financial terms:
Latest news:
- After a thorough review of available alternatives, and extensive diligence and negotiation with Sellas, Galena’s board of directors unanimously approved to enter into a definitive merger agreement with Sellas. On August 8, 2017, the companies jointly announced they have entered into an all stock definitive merger agreement under which Sellas will merge into and become an indirect, wholly-owned subsidiary of Galena. The combined company will be renamed Sellas Life Science Group. The merger will result in a combined company focused on the development of novel treatments for cancer.
Is general: Yes
