RFL - Rafael Holdings announces merger with Rafael Pharmaceuticals

Zhanna Hapanovich/iStock via Getty Images Rafael Holdings (RFL) has added ~7.4% in the premarket after announcing a merger agreement with Rafael Pharmaceuticals, a private-owned late-stage oncology company in which the former and its subsidiaries has a majority stake. The president and CEO of Rafael Pharmaceuticals Sanjeev Luther will join the board of directors of the combined company which will be led by Ameet Mallik as the CEO and Howard Jonas as the chairman. The merged company will retain the name of Rafael Pharmaceuticals and Rafael Holdings' listing on NYSE. Per the terms of the agreement, the holders of Rafael Pharmaceuticals capital stock will receive shares of Rafael Holdings Class B common stock leading to 48% of the currently outstanding capitalization of the company. Upon closing of the deal, Rafael Holdings is set to acquire $30M of the remaining membership interest in Altira Capital & Consulting that it does not own currently and

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Rafael Holdings announces merger with Rafael Pharmaceuticals