BioCentury
ARTICLE | Company News

Renal plays Akebia, Keryx merging

June 28, 2018 10:09 PM UTC

Akebia Therapeutics Inc. (NASDAQ:AKBA) will merge with Keryx Biopharmaceuticals Inc. (NASDAQ:KERX) in an all-stock deal, forming a combined company with one chronic kidney disease compound on the market and another in Phase III testing. The news failed to impress investors, as Akebia lost $1.02 (10%) to $9.36 on Thursday, while Keryx fell $0.85 (19%) to $3.63.

Keryx shareholders will own 50.6% of the combined company, which will retain Akebia's name. Akebia shareholders will own the balance. Keryx shareholders will receive 0.37433 Akebia shares for each Keryx share, and the partners said the combined company will have an "implied pro forma equity value of approximately $1.3 billion."...