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'spring bank pharmaceuticals and f-star therapeutics agree to combine to pursue mission of creating next generation immunotherapies
july 29, 2020 16:27 et
| source: spring bank pharmaceuticals, inc.
combined company will operate as f-star therapeutics and advance pipeline of multiple clinical-stage immuno-oncology programs
combined company expected to have at least $40 million in cash prior to closing
spring bank stockholders to receive two separate contingent value rights related to spring bank’s sting agonist and sting antagonist programs
companies to host joint conference call on july 30, 2020 at 7:30 a.m. eastern time
hopkinton, mass. and cambridge, united kingdom and cambridge, mass., july 29, 2020 (globe newswire) -- spring bank pharmaceuticals, inc. (nasdaq: sbph) (“spring bank”), a clinical-stage biopharmaceutical company developing novel therapeutics for oncology and inflammatory diseases, and f-star therapeutics, limited (“f-star”), a privately-held clinical-stage biopharmaceutical company focused on transforming the lives of patients with cancer through the development of innovative tetravalent bispecific (mab2™) antibodies, today announced that the companies have entered into a definitive ************** agreement pursuant to which spring bank will, subject to stockholder approval, acquire all of the outstanding share capital of f-star in exchange for newly issued shares of spring bank in an all-stock transaction. the combined company, operating under the name f-star therapeutics, inc., will advance its immuno-oncology pipeline of multiple tetravalent bispecific antibody programs, as well as spring bank’s sting (stimulator of interferon gene) agonist, sb 11285, currently in a phase 1/2 clinical trial.
martin driscoll, president and ceo of spring bank, said: “after an extensive and thorough review of spring bank’s strategic options following the termination of our phase 2b hepatitis b development program earlier this year, we are thrilled to announce a proposed combination with f-star therapeutics. we believe the combined company’s strong portfolio of multiple clinical-stage immuno-oncology therapeutic programs, near-term milestones, and accomplished oncology development leadership team offer an excellent opportunity to benefit cancer patients, as well as provide the potential for future value creation for spring bank stockholders. the f-star leadership team has committed to continuing the ongoing clinical trial of sb 11285, an iv-administered sting agonist, as part of its expansive immuno-oncology clinical pipeline.
“this transaction offers the spring bank stockholders of record as of immediately prior to the close of the combination potential future additional value in the form of two contingent value rights (“cvrs”) related to our sting agonist and sting antagonist programs. the first cvr represents the right to receive a potential future cash p