BOULDER — Nivalis Therapeutics Inc. (Nasdaq: NVLS) is merging with privately held biotech company Alpine Immune Sciences Inc.
Under the agreement, Seattle-based Alpine will merge with a wholly owned subsidiary of Nivalis, where Alpine shareholders will own about 74 percent of the combined company. Nivalis shareholders will own about 25 percent.
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The transaction will be in all-stock. The combined company will focus on inflammation and immuno-oncology using proteins.
“We believe this transaction with Alpine is an exciting path forward to advance important new therapies for patients and to create significant value for shareholders,” Howard Furst, chairman of the board of Nivalis, said in a prepared statement. “Alpine, which has discovered novel ways to target the immune synapse, is led by a solid and experienced management team that has successfully brought immunotherapies to market.”
In January, Nivalis announced that it was seeking bids from interested parties who might want to join with the Boulder-based biotech company. Soon after, it started cutting jobs, including its CEO and chief medical officer.
As part of the merger, Frazier Healthcare Partners, Alpine BioVentures and OrbiMed Advisors are investing $17 million into Alpine Immune Sciences prior to the close of the deal.
The merger is expected to close in the third quarter.
Representatives for Nivalis did not respond to BizWest questions as to whether operations will continue in Boulder.