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TORC - ResTORbio's Reverse Merger With Adicet Should Unlock Substantial Value For Shareholders
resTORbio Inc.
resTORbio (TORC) shares have suffered since the company announced the failure of a Phase 3 trial for their lead asset, RTB101, last November. Since then, the company has traded at a market cap well below the level of its net cash. This week resTORbio announced a reverse merger with Adicet Bio that appears to be aimed solely at putting that cash pile to use in furthering Adicet’s pipeline of allogeneic gamma delta CAR-T cell therapies.
I’ve analyzed this deal under several different scenarios, and all of them point to a fair value share