Nivalis Reports First Quarter 2017 Financial Results
BOULDER, Colo.--(BUSINESS WIRE)--Nivalis Therapeutics, Inc. (NASDAQ: NVLS), a pharmaceutical company historically focused on developing innovative solutions for people with cystic fibrosis (CF), today reported financial results and recent business highlights for the first quarter 2017. In April, Nivalis and Alpine Immune Sciences, Inc., a privately-held biotechnology company developing novel therapies using its next-generation immune system modulation platform, announced that they had entered into a definitive merger agreement under which Alpine will merge with a wholly owned subsidiary of Nivalis in an all-stock transaction with Alpine as the surviving entity. The merger will result in a company with a novel protein-based discovery platform focused on inflammation and immuno-oncology. The combined company is expected to have approximately $90 million in cash and cash equivalents at the closing of the transaction. The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in the third quarter of 2017.
“After conducting an extensive and thorough review of our strategic alternatives, which generated proposals from over eighty companies, and following extensive negotiation, our board of directors selected Alpine as the best path forward,” said Michael Carruthers, Interim President and Chief Financial Officer of Nivalis. “We have great respect for the Alpine team and their accomplished track record, which has already received strong validation of its technology and approach through a collaboration with a leader in cancer immunotherapy, Kite Pharma. We believe the combination of Nivalis and Alpine will further a shared commitment to accelerate the development of novel therapies for patients while delivering value to our shareholders.”
“After conducting an extensive and thorough review of our strategic alternatives, which generated proposals from over eighty companies, and following extensive negotiation, our board of directors selected Alpine as the best path forward,” said Michael Carruthers, Interim President and Chief Financial Officer of Nivalis. “We have great respect for the Alpine team and their accomplished track record, which has already received strong validation of its technology and approach through a collaboration with a leader in cancer immunotherapy, Kite Pharma. We believe the combination of Nivalis and Alpine will further a shared commitment to accelerate the development of novel therapies for patients while delivering value to our shareholders.”