Reverse mergers have been a relatively quick method for companies to gain a public listing as an alternative to IPOs. A private company looking to go public merges with a company that is already publicly traded and changes the ticker symbol. Technically, the public company is acquiring the private company, hence the ‘reverse’ part. Also, it’s not uncommon to see public companies outside of the life sciences space on one side of the deal. Following a conversation over on Twitter (thanks, @syinvesting), we used the DealForma deals database to generate a quick list of 91 reverse mergers with biotechnology, medical device, and diagnostics companies since 2008.
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Biopharma Reverse Mergers since 2008
Companies with a public listing reverse merged with private biopharma. Stage represents the private biopharma at signing. Excludes leveraged buyouts (LBOs) where the acquirer is a financial firm.
| Company with the Public Listing | Company becoming Public | Announced | Stage of Private Co. at Signing |
| Vical Inc. | Brickell Biotech Inc. | 6/3/2019 | Phase III |
| Mateon Therapeutics Inc. | Oncotelic Inc. | 4/18/2019 | Phase II |
| Histogenics Corp. | Ocugen Inc. | 4/8/2019 | Phase III |
| Constellation Alpha Capital Corp. | DermTech International Inc. | 3/15/2019 | Diagnostic |
| Restoration Robotics Inc. | Venus Concept Ltd. | 3/15/2019 | Device |
| GTx Inc. | Oncternal Therapeutics Inc. | 3/7/2019 | Approved |
| Vital Therapies Inc. | Immunic Therapeutics AG | 1/7/2019 | Phase II |
| AmpliPhi Biosciences Corp. | C3J Therapeutics Inc. | 1/4/2019 | Phase II |
| Flex Pharma Inc. | Salarius Pharmaceuticals LLC | 1/4/2019 | Phase II |
| Ohr Pharmaceutical Inc. | NeuBase Therapeutics Inc. | 1/3/2019 | Platform |
| Arsanis Inc. | X4 Pharmaceuticals Inc. | 11/27/2018 | Phase III |
| Edge Therapeutics Inc. | PDS Biotechnology Corp. | 11/26/2018 | Phase III |
| Alliqua BioMedical Inc. | Adynxx Inc. | 10/12/2018 | Device |
| Luminor Medical Technologies Inc. (formerly Miraculins) | RISE Life Science Corp. (formerly RISE Research Inc.) | 9/3/2018 | N/A |
| Avista Healthcare Public Acquisition Corp. | Organogenesis Inc. | 8/17/2018 | Device |
| OvaScience Inc. | Millendo Therapeutics Inc. | 8/9/2018 | Approved |
| Apricus Biosciences Inc. | Seelos Therapeutics Inc. | 7/30/2018 | Approved |
| Versartis Inc. | Aravive Biologics Inc. | 6/4/2018 | Phase I |
| TapImmune Inc. | Marker Therapeutics Inc. | 5/15/2018 | Phase I |
| Orexigen Therapeutics Inc. | Nalpropion Pharmaceuticals Inc. | 4/23/2018 | Approved |
| Cogentix Medical Inc. | LABORIE MEDICAL | 3/12/2018 | Device |
| Automodular Corp. | HLS Therapeutics Inc. | 3/12/2018 | Approved |
| Agility Health Inc. | Alliance Physical Therapy Partners | 3/7/2018 | N/A |
| Skinvisible Inc. | Quoin Pharmaceuticals Ltd. | 11/27/2017 | Approved |
| Aviragen Therapeutics Inc. (formerly Biota) | Vaxart Inc. | 10/30/2017 | Phase II |
| Impax Laboratories Inc. | Amneal Pharmaceuticals Inc. | 10/17/2017 | Approved |
| Neothetics Inc. (formerly Lithera) | Evofem Inc. | 10/17/2017 | Phase III |
| Alcobra Ltd. | Arcturus Therapeutics Inc. | 9/27/2017 | Platform |
| Inotek Pharmaceuticals Corporation | Rocket Pharmaceuticals Ltd. | 9/12/2017 | Phase III |
| Nivalis Therapeutics Inc. | Alpine Immune Sciences Inc. | 7/25/2017 | Phase II |
| Opexa Therapeutics Inc. | Acer Therapeutics Inc. | 7/3/2017 | Preclinical |
| Monster Digital Inc. | Innovate Biopharmaceuticals Inc. | 7/3/2017 | Phase II |
| Sevion Therapeutics Inc. | Eloxx Pharma | 6/3/2017 | Preclinical |
| Merus Labs International Inc. | Norgine B.V. | 5/11/2017 | Approved |
| Threshold Pharmaceuticals Inc. | Molecular Templates Inc. | 3/17/2017 | Phase III |
| PharmAthene Inc. | Altimmune Inc. | 1/19/2017 | Phase I |
| Mast Therapeutics Inc. | Savara Inc. | 1/7/2017 | Phase II |
| OncoGenex Pharmaceuticals Inc. | Achieve Life Science | 1/5/2017 | Phase III |
| Corazon Gold Corp. | NanoSphere Health Sciences Inc. | 12/22/2016 | Platform |
| Dipexium Pharmaceuticals Inc. | PLx Pharma Inc. | 12/22/2016 | N/A |
| Adhera Therapeutics Inc. (formerly Marina Biotech) | IthenaPharma Inc. | 11/15/2016 | Preclinical |
| Biodel Inc. | Albireo Pharma Inc. | 11/3/2016 | Phase II |
| Signal Genetics Inc. | miRagen Therapeutics Inc. | 10/31/2016 | Diagnostic |
| Lpath Inc. | Apollo Endosurgery Inc. | 9/9/2016 | Device |
| Macrocure Ltd. | Leap Therapeutics Inc. | 8/29/2016 | Approved |
| Tiger X Medical Inc. | BioCardia Inc. | 8/23/2016 | Phase II |
| StemCells Inc. | Microbot Medical Inc. | 8/16/2016 | N/A |
| Carbylan Therapeutics Inc. | Kalvista Pharmaceuticals Inc. | 6/15/2016 | Phase I |
| Synta Pharmaceuticals Corp. | Madrigal Pharmaceuticals Inc. | 4/14/2016 | Phase I |
| Fastnet Equity plc | Amryt Pharma plc | 3/31/2016 | Approved |
| American Home Alliance Corp. | Ember Therapeutics Inc. | 2/3/2016 | Phase II |
| American Boarding Co. | Microlin Bio Inc. | 12/22/2015 | Preclinical |
| RestorGenex Corp. | Diffusion Pharmaceuticals Inc. | 12/15/2015 | Phase II |
| Celladon Corp. | Eiger BioPharmaceuticals Inc. | 11/18/2015 | Phase II |
| Celsus Therapeutics plc | Volution Immuno Pharmaceuticals S.A. | 7/13/2015 | Phase I |
| Ruthigen Inc. | Pulmatrix Inc. | 3/16/2015 | Phase II |
| Targacept Inc. | Catalyst Biosciences Inc. | 3/6/2015 | Phase I |
| Regado Biosciences Inc. | Tobira Therapeutics Inc. (Allergan) | 1/14/2015 | Phase II |
| Cerulean Group Inc. (Cerulean Pharma, Dare Bioscience) | Enumeral Biomedical Holdings Inc. | 8/4/2014 | Platform |
| Dacha Strategic Metals Inc. | Merus Labs International Inc. | 7/4/2014 | Approved |
| Transcept Pharmaceuticals Inc. | Paratek Pharmaceuticals Inc. | 7/1/2014 | Approved |
| Zalicus Inc. (formerly CombinatoRx) | Epirus Biopharmaceuticals Inc. | 4/21/2014 | Phase I |
| Alexander David Investments plc | Tiziana Life Sciences plc | 4/14/2014 | Preclinical |
| Koffee Korner Inc. | Cardax Inc. | 11/29/2013 | Preclinical |
| Xenetic Biosciences Inc. | GSL Biotech | 11/18/2013 | Phase II |
| Phytopharm plc | Ixico Ltd. | 10/7/2013 | Preclinical |
| Genesis Biopharma Inc. | Lion Biotechnologies Inc. | 7/25/2013 | Phase III |
| Nile Therapeutics Inc. | Capricor Therapeutics Inc. | 7/8/2013 | Phase I |
| EpiCept Corp. | Immune Pharmaceuticals Inc. | 11/8/2012 | Approved |
| BioSante Pharmaceuticals Inc. | ANI Pharmaceuticals Inc. | 10/4/2012 | Approved |
| Power of the Dream Ventures Inc. | Genetic Immunity LLC | 9/28/2012 | Phase II |
| Manhattan Pharmaceuticals Inc. | TG Therapeutics Inc. | 1/30/2012 | Phase I |
| Hunter Immunology Ltd. | Probiomics Ltd. (Bioxyne) | 10/10/2011 | Phase II |
| Innovative Acquisitions Corp. | Puma Biotechnology Inc. | 10/5/2011 | Phase II |
| Trimeris Inc. | Synageva BioPharma Corp. (Alexion) | 6/13/2011 | Approved |
| Can-Fite BioPharma Ltd. (Denali Concrete Management) | OphthaliX Inc. | 6/5/2011 | Phase I |
| LecTec Corp. | AxoGen Inc. | 6/2/2011 | Platform |
| MPM Capital Inc. | Radius Health Inc. | 5/17/2011 | Phase II |
| Media Exchange Group | IntelliCell BioSciences Inc. | 4/27/2011 | Preclinical |
| SyntheMed Inc. | Pathfinder Cell Therapy Inc. | 12/22/2010 | Approved |
| Neopharm Group | Insys Therapeutics Inc. | 10/29/2010 | Phase III |
| Oxeco plc | Tissue Regenix Group plc | 6/3/2010 | N/A |
| MiddleBrook Pharmaceuticals Inc. | Victory Pharma Inc. (Shionogi) | 5/17/2010 | Approved |
| VaxGen Inc. | diaDexus Inc. | 4/14/2010 | Diagnostic |
| Equinox International Inc. | Biostem U.S. Corp. | 3/1/2010 | N/A |
| Dov Pharmaceutical Inc. | Euthymics Bioscience Inc. | 2/12/2010 | Phase III |
| Arpida Ltd. | Evolva Holding S.A. | 9/10/2009 | Phase III |
| TorreyPines Pharmaceuticals (formerly Axonyx) | Raptor Pharmaceutical Corp. (Horizon) | 7/28/2009 | Phase II |
| Nanobac Pharmaceuticals Inc. | Eureka Genomics Corp. | 3/17/2009 | Approved |
| JAG Media Holdings Inc. | CardioGenics Holdings Inc. | 3/13/2009 | Diagnostic |
| GPC Biotech AG | Agennix AG | 2/18/2009 | Phase III |
| Nuvelo Inc. | Arca biopharma Inc. | 9/25/2008 | Phase I |
| Novacea Inc. | Transcept Pharmaceuticals Inc. (Paratek) | 9/2/2008 | Phase II |
| Cellegy Pharmaceuticals Inc. | Adamis Pharmaceuticals Corp. | 2/12/2008 | Phase III |
Good so far?
You scrolled all the way here. Great! This quick list of deals can lead to some interesting analyses: stock price moves, stages of companies, therapeutic areas, technologies, and more. Contact us here or on Twitter @DealForma to chat about this.
Chris Dokomajilar is the Founder / CEO of DealForma and has been an industry analyst for over a decade. He analyzed the data and produced the table for this article. More about Chris.
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