Malin Corporation Investee Company - Melinta - To Be Transformed Into A NASDAQ Listed Company
Published: Aug 10, 2017
- Melinta is Malin’s second largest investment by capital committed
- Definitive agreement entered into with Cempra, Inc.
- Expected positive returns driven by the value of the combined equity over time
- Combined company will be called Melinta Therapeutics
- Company will be a world leading commercial stage anti-infectives company
- Integrated platforms enable significant value creation opportunities
- Baxdela™ (delafloxacin) first new fluoroquinolone antibiotic in over two decades
- Breadth and depth of antibiotic market need and demand is significant
DUBLIN--(BUSINESS WIRE)--Malin Corporation plc. (ISE:MLC, "Malin"), an Irish based and globally operating life sciences company, today announced that Melinta Therapeutics, Inc. (“Melinta”), a Malin investee company focused on discovering, developing, and commercialising novel antibiotics to treat serious bacterial infections, has entered into a definitive agreement with Cempra, Inc. (Nasdaq:CEMP, “Cempra”), a clinical-stage pharmaceutical company focused on developing differentiated anti-infectives for acute care and community settings to meet critical medical needs in the treatment of infectious disease.
Under the terms of the agreement Melinta and Cempra will merge in an all-stock transaction which will create a NASDAQ-listed, world leading antibiotics company to be named Melinta Therapeutics. The new company will be committed to discovering, developing and commercialising important anti-infective therapies for patients and physicians in areas of significant unmet need.
Malin Executive Vice President and Melinta Board member, Sean Murphy said: “As a shareholder in Melinta we believe that the progression of the combined pipeline and the near term launch of Baxdela will be greatly facilitated and funded by Cempra’s significant cash resources. Our shareholding in Melinta, Malin’s second largest investment by capital committed, will become a publicly traded security which demonstrates the uniqueness of the Malin model in unlocking value for shareholders. The Melinta executive team are world-class and as a Board member I was fortunate to be able to work with them as they take another important step in the company’s development.”
Based upon the number of shares of Cempra common stock to be issued, current Cempra shareholders will own approximately 48 percent of the combined company and current Melinta shareholders will own approximately 52 percent of the combined company.
The transaction has been approved by the board of directors of both companies and is expected to close in the fourth quarter of 2017, subject to the approval of the shareholders of each company as well as other customary conditions.
About Malin Corporation Plc.
Malin (ISE:MLC) is an Irish incorporated public limited company. Its purpose is to create shareholder value through the selective long-term application of capital and operational expertise to private, pre-IPO, pre-trade sale operating businesses in dynamic and fast growing segments of the life sciences industry. Through its operational involvement, Malin works with its investee companies to enable them to reach the full potential of their value proposition and to achieve commercial success. For more information visit www.malinplc.com
About Melinta Therapeutics
Melinta Therapeutics, Inc. is dedicated to saving lives threatened by the global public health crisis of bacterial infections, through the development and commercialization of novel antibiotics that provide new and improved therapeutic solutions. Melinta’s lead product is Baxdela, an antibiotic approved for use in the treatment of ABSSSI. Melinta is also committed to developing, through the application of Nobel Prize-winning science, a new class of antibiotics designed to overcome the multi- and extremely-drug-resistant pathogens for which there are few to no options, known collectively as ESKAPE pathogens (Enterococcus faecium, Staphylococcus aureus, Klebsiella pneumoniae, Acinetobacter baumannii, Pseudomonas aeruginosa, Enterobacter species and Escherichia coli), which cause the majority of life-threatening hospital infections. Melinta Therapeutics is privately held and backed by Vatera Healthcare Partners (www.vaterahealthcare.com) and Malin Corporation plc (www.malinplc.com), among other private investors. The company is headquartered in New Haven, CT with offices in Lincolnshire, IL. Visit www.melinta.com for more information.
About Cempra, Inc.
Cempra, Inc. is a clinical-stage pharmaceutical company focused on developing differentiated anti-infectives for acute care and community settings to meet critical medical needs in the treatment of infectious diseases. Cempra's two lead product candidates are currently in advanced clinical development. Solithromycin has been evaluated in two Phase 3 clinical trials for community-acquired bacterial pneumonia (CABP). Cempra is currently seeking approval for CABP for both intravenous and oral capsule formulations from the U.S. Food and Drug Administration. Solithromycin is licensed to strategic commercial partner Toyama Chemical Co., Ltd., a subsidiary of FUJIFILM Holdings Corporation, for certain exclusive rights in Japan. Cempra is contracted with BARDA for the development of solithromycin for pediatric use and has commenced enrollment in a global Phase 2/3 trial to evaluate the safety and efficacy of solithromycin versus standard of care antibiotics in children and adolescents from two months to 17 years of age. Solithromycin is also in development for uncomplicated urogenital urethritis caused by Neisseria gonorrhoeae or chlamydia. Fusidic acid is Cempra's second product candidate, which has completed a Phase 3 trial comparing fusidic acid to linezolid in patients with ABSSSI. Cempra also has an ongoing exploratory study of fusidic acid for chronic oral treatment of refractory infections in bones and joints. Both products seek to address the need for new treatments targeting drug-resistant bacterial infections in the hospital and in the community. Cempra is also studying solithromycin for ophthalmic conditions and has synthesized novel macrolides for non-antibiotic uses such as the treatment of chronic inflammatory diseases, endocrine diseases and gastric motility disorders. Cempra was founded in 2006 and is headquartered in Chapel Hill, N.C. For additional information about Cempra please visit www.cempra.com.
For further information, please contact:
Malin Media Relations/IR
Tel: +353 1 901 5717
Davy Corporate Finance (ESM Adviser)
Brian Garrahy / Daragh O'Reilly
Tel: +353 1 679 6363