Eloxx Pharma has experienced a string of changes over the past year, coming to a head with today’s announcement that the company will be acquiring early-stage biotech Zikani Therapeutics in an all-stock deal. With preliminary Phase II results for lead cystic fibrosis drug ELX-02 expected soon, Eloxx is banking on the acquisition positioning the combined company as a leader in the ribosomal RNA-targeted therapies field. Stockholders of Zikani will receive 7.6 million shares of Eloxx, owning around 16% of the combined company. In February 2020, Eloxx was already shaking things up with leadership, replacing its CEO by promoting its chief operating officer to the role and tapping the CMO to fill the vacant chairman seat. Now, under the terms of this deal, Zikani’s president and CEO, Sumit Aggarwal, will take the helm at Eloxx. Additionally, Zikani’s CSMO, Vijay Modur, will head up Eloxx’s R&D.
For futher information, see BioSpace (https://www.biospace.com/article/eloxx-acquires-zikani-with-hopes-rule-the-rna-wave-for-rare-disease-/?s=79)