Reverse Mergers in Biopharma

by | Jun 13, 2019

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
Source: DealForma database. Financials based on disclosed figures through 6/11/2019
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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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