Arpida, Evolva Plan Merger

Arpida and Evolva, two Swiss biotech companies, have announced that they intend to merge the two companies subject to definitive agreement and shareholder approval.

The company said that the intended merger is not expected to affect Arpida and Evolva employees. It also stated that the lead clinical candidates are EV-077 for renal disease and arterial thrombosis which is currently in phase I while EV-086 for systemic and other fungal infections is scheduled to enter phase I early 2010. Furthermore, EV-075, a program for influenza and Ebola, is in late stage pre-clinic and expected to enter phase I in 2010.

Evolva is currently backed by a group of venture investors, including Novartis Venture, Aravis, Sunstone Capital and Dansk Innovationsinvestering. It currently has 75 employees, 30 of whom are located in Basel.

Andre Lamotte, chairman of Arpida, said: “After discussions with several interested parties, Arpida’s board and management have concluded that a tie-up with Evolva is the most promising option, expected to generate most value for Arpida’s shareholders. We are very pleased to have come to a mutually beneficial solution.”

Neil Goldsmith, managing director and CEO of Evolva, said: “Over the past five years Evolva has quickly grown into a mature company with both a diversified pipeline and a strong revenue base. The support we are receiving from existing and new shareholders in the proposed transaction confirms their confidence in our technology, pipeline, business model and management. The intended merger with Arpida gives us access to the public capital market and thereby achieves a fundamental step for our future growth.”