Biotech Values

[DewDiligence]

OXGI +34% on reverse merger into (private) Achieve Life Science:

http://www.prnewswire.com/news-releases/oncogenex-pharmaceuticals-inc-and-achieve-life-science-inc-announce-definitive-merger-agreement-300386680.html

Upon completion of the proposed merger, Achieve's equity holders are expected to own 75% of the combined company's outstanding shares and current stockholders of OncoGenex are expected to own the remaining 25% of the combined company's outstanding shares. Following completion of the merger, OncoGenex Pharmaceuticals, Inc. will be renamed Achieve Life Sciences, Inc.

In addition, prior to the completion of the proposed merger, OncoGenex is expected to distribute to its stockholders contingent value rights (CVRs) for 80% of any net proceeds of certain payments arising from a future sale, transfer, license or similar transaction involving OncoGenex's apatorsen oncology product candidate.

…The proposed merger will create a clinical-stage company focused on clinical and commercial development of cytisine, a selective nicotine receptor partial agonist currently in late-stage development for smoking cessation.

So, OGXI, which came into being via a 2008 reverse merger with SNUS (#msg-29604972), will disappear by the same route.