Vincerx Pharma enters into a binding term sheet for a strategic merger with Oqory

CAR-T Digest - August 2020

29 Dec 2024: Vincerx Pharma enters into a binding term sheet for a strategic merger with Oqory

Vincerx Pharma has entered into a binding term sheet for a proposed merger with Oqory, a clinical-stage company developing ADCs for multiple oncology indications
After the merger, Oqory’s equity holders will own approximately 95% of the combined entity, while Vincerx’s equity holders will hold about 5%. The transaction includes a minimum fully diluted equity value of $13.66 million for Vincerx stockholders at closing
A concurrent offering of Vincerx equity securities for at least $20 million is required to close the merger. Oqory-designated investors will also provide interim financing of $1.5 million to Vincerx in two tranches, with part of it funded immediately
Oqory’s anti-TROP2 ADC has shown promising clinical results, including an 83% overall response rate and 100% disease control rate in first-line triple-negative breast cancer patients, with no cases of interstitial lung disease or severe stomatitis reported