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Tekmira Merges With OnCore In Hopes Of Building Hepatitis B Powerhouse

 
• By Lisa LaMotta

The two small biotechs are coming together to create a hepatitis B-focused company that management hopes will mirror the success seen with hepatitis C companies.

Now that mega-blockbuster hepatitis C cures are in hand, smaller companies are hoping to recreate that same magic in hepatitis B. Antiviral biotech Arbutus Biopharma Corp. announced late Jan. 11 that it is merging with OnCore Biopharma Inc. to form a company that is focused solely on HBV combination therapies.

The all-stock transaction is valued at about $750 million, said Tekmira, which did not disclose further financial details. The transaction is expected to close in the first half of 2015, with Tekmira stockholders holding about 50% of the company. [See Deal] The merger is an alternative exit for OnCore, which had been publicly contemplating an IPO in recent months. The company was started by a group of ex-Pharmasset Inc

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