OnCore Biopharma Announces Merger Agreement with Tekmira Pharmaceuticals

Palo Alto – January 14, 2015 – Cooley is advising OnCore Biopharma, Inc. on its proposed merger with Tekmira Pharmaceuticals Corporation to create a new leading global company focused on developing a curative regimen for hepatitis B (HBV) patients by combining multiple therapeutic approaches. Under the terms of the agreement, OnCore will become a wholly-owned subsidiary of Tekmira. Upon closing of the transaction, the stockholders of OnCore will hold approximately fifty percent (50%) of the total number of outstanding shares of capital stock of Tekmira, calculated on a fully-diluted and as-converted basis using the treasury stock method. The implied market value of the combined company, based on the closing price of Tekmira common shares on the NASDAQ Global Market on January 9, 2015, was approximately USD$750 million.

OnCore is a biopharmaceutical company dedicated to discovering, developing and commercializing an all-oral cure for patients suffering from chronic hepatitis B infection, which is a disease of the liver caused by HBV. Tekmira Pharmaceuticals is a biopharmaceutical company focused on advancing novel RNAi therapeutics and providing its leading lipid nanoparticle (LNP) delivery technology to pharmaceutical and biotechnology partners.

OnCore had previously announced the filing of a confidential draft registration statement with the U.S. Securities and Exchange Commission for a proposed initial public offering of its common stock. 

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