Biotech Values

[DewDiligence]

TOCA reverse merges into—(private)—Forte Biosciences:

https://finance.yahoo.com/news/tocagen-forte-biosciences-announce-merger-011300102.html

Tocagen Inc. and Forte Biosciences, Inc…announced today that they have entered into a definitive agreement under which Tocagen will merge with Forte in an all-stock transaction. The merged company will focus on advancing Forte's clinical program in inflammatory skin diseases, including atopic dermatitis. Upon stockholder approval, the combined company is expected to operate under the name Forte Biosciences and trade on the Nasdaq Capital Market under the ticker symbol FBRX.

… On a pro forma basis and based upon the number of shares of Tocagen common stock to be issued or issuable in the merger, it is anticipated that Tocagen equityholders immediately prior to the merger will own approximately 25.5% of the combined company and Forte equityholders (inclusive of investors in the financing) immediately prior to the merger will own approximately 74.5% of the combined company on a fully-diluted basis…

TOCA was +85% today on this news.