Poolbeg and HOOKIPA merger backed by Gilead Sciences, POLB shares gain
() , a clinical-stage biopharma company focused on infectious diseases, announced that biopharma giant Gilead Sciences has endorsed Poolbeg's proposed merger with HOOKIPA Pharma announced earlier in the month.
One of HOOKIPA's largest shareholders, Gilead announced its intention to vote with HOOKIPA's board should a formal offer for Poolbeg be made. Gilead also said it would participate in HOOKIPA's related US$30m fundraise, announced last week alongside the proposed merger. Gilead has a 19.4% interest in HOOKIPA.
Additionally, HOOKIPA amended the details of its proposed fundraise, saying it would execute a private placement worth "over US$30m", as opposed to "up to US$30m" announced last week. The funds will be injected into the company immediately following the merger to provide additional working capital.
Upon completion of the fundraise, the combined group would be debt-free, with financial runway through year-end 2026. Both the acquisition and fundraise are expected in early Q2 2025.
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More good news for Poolbeg and HOOKIPA's proposed merger as the latter's 19.4% shareholder Gilead Sciences has now endorsed the move, and the target for the associated fundraise has been upped to over US$30 million. shares jumped 8.7% on the announcement.
Initially announced on January 2, 2025, the proposed merger aims to create a biopharma leader focused on innovative treatments, particularly cancer immunotherapies. Should the merger go through, shareholders will retain majority equity (55%) in the combined group while HOOKIPA will remain the listed entity on Nasdaq, with Poolbeg becoming a private subsidiary. The combined entity will be a significant force in the rapidly evolving field of immunotherapies, with operations in the US, UK, and EU.
The enlarged business would benefit from an all-star team of industry veterans, including Cathal Friel (Poolbeg cofounder) who would become Executive Chairman; Ian O'Connell, (Poolbeg cofounder) who would become CFO; and Malte Peters, PhD, would be the company's CEO. The combined entity would boast a significant diversified clinical pipeline, led by HOOK's multi-KRAS targeting HB-700, a next-gen immunotherapy targeting cancers with limited treatment options, and Poolbeg's POLB 001, a disruptive oral treatment for cancer immunotherapy-induced CRS.
Investors can expect multiple near-term value inflection points from the enlarged group, boosted by the aforementioned US$30m+ fundraise. The merger should bolster near-term clinical data catalysts, with data expected across multiple programmes over the next 24 months in areas with unmet medical needs. The enlarged group would also inherit 2 partnered programmes with Gilead Sciences, offering the potential of significant R&D and commercialisation milestones in addition to substantial royalties.
Specifically, expected near-term value inflection points include Phase 1 interim data for HB-700 in the H1 2026, Phase 2a topline data for POLB 001 in H2 2026, and primary completion of the Phase 1b trial of HB-500 in H2 2025.
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