Baudax Bio, Inc. acquired TeraImmune, Inc. for $9.7 million.
June 29, 2023
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Baudax Bio, Inc. (NasdaqCM:BXRX) acquired TeraImmune, Inc. on June 29, 2023. The acquisition of TeraImmune was structured as a stock-for-stock transaction whereby all TeraImmune outstanding equity interests were exchanged for a combination of shares of Baudax common stock, shares of newly designated convertible Series X Non-Voting Convertible Preferred Stock. Subject to shareholder approval of the conversion, each share of Series X Non-Voting Convertible Preferred Stock will automatically convert into 1,000 shares of common stock, subject to certain beneficial ownership limitations set by each holder. On a pro forma basis and based upon the number of shares of Baudax common stock and preferred stock issued in the acquisition, Baudax equity holders immediately prior to the acquisition will own approximately 18% of the combined Company (on an as-converted, fully-diluted basis. Gerri Henwood, President and Chief Executive Officer of Baudax Bio, will continue as CEO of the combined entity. In conjunction with the transaction, Yong Chan Kim, former Chief Executive Officer of TeraImmune, will be appointed to the Board of Directors of Baudax. The acquisition was unanimously approved by the Board of Directors of Baudax and the Board of Directors of TeraImmune. The closing of the transaction was not subject to the approval of Baudax shareholders. Nobel Capital provided a fairness opinion to the Baudax Board of Directors.
Baudax Bio, Inc. (NasdaqCM:BXRX) completed the acquisition of TeraImmune, Inc. for $9.7 million on June 29, 2023.
Baudax Bio, Inc. is a pharmaceutical company. The Company is focused on developing and commercializing products for hospital and related acute care settings. The Company's lead product candidate is ANJESO injection. ANJESO is a cyclooxygenase-2 (COX-2), a preferential, non-steroidal anti-inflammatory for the management of moderate to severe pain, which could be administered alone or in combination with other non-NSAID analgesics. Its pipeline of other pharmaceutical products includes two neuromuscular blocking agents (NMBs) and a chemical reversal agent, which are used as muscle paralyzing agents to facilitate intubation and surgery. Its product pipeline includes NMBAs, which are used as muscle paralyzing agents to facilitate intubation and surgery. It is developing intermediate-acting NMBA, BX-1000, an ultrashort-acting NMBA, BX-2000, and a reversal agent specific to its NMBAs. It is also focused on the discovery and development of Treg-based cell therapies for autoimmune diseases.