NK - NantKwest rises 21% on ImmunityBio merger deal

NantKwest (NK), up 21% premarket and privately-held ImmunityBio and NantKwest (NK) have entered into an agreement to merge in a stock-for-stock transaction. The combination will create an immunotherapy and cell therapy company focused on oncology and infectious disease. Together, ImmunityBio and NantKwest will have a broad, clinical-stage pipeline – including 13 assets in clinical trials and 11 in Phase II to III – as well as a robust early stage pipeline to address other difficult to treat cancers. The transaction is structured as a tax-free 100% stock-for-stock merger, with ImmunityBio to reverse merge with NantKwest.Under the terms of the agreement, ImmunityBio shareholders will receive a fixed exchange ratio of 0.8190 shares of NantKwest for each share of ImmunityBio owned.Upon completion of the transaction, ImmunityBio and NantKwest shareholders will own ~72% and ~28% of the combined company, respectively. The transaction is expected to close in Q1 2021. The combined company will assume the ImmunityBio

For further details see:

NantKwest rises 21% on ImmunityBio merger deal