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news.US-based firm MIRA Pharmaceuticals has secured approval from its board of directors to acquire SKNY Pharmaceuticals, a company engaged in the development of SKNY-1 oral drug candidate for weight loss and smoking cessation.
MIRA develops treatments for neuropsychiatric, neurological, as well as metabolic disorders. Credit: Robina Weermeijer on Unsplash.
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The strategic decision follows thorough independent valuations of both entities, with the merger contingent upon approval from shareholders of both companies.
Moore Financial Consulting conducted a third-party analysis assigning an enterprise value of nearly $30.5m to SKNY, with the valuation hinging on the risk-adjusted net present value of SKNY-1 candidate.
Concurrently, MIRA Pharmaceuticals’ valuation, which was conducted separately by Moore, stands at $30m, underscoring the potential synergy of the combined pipelines.
The merger between MIRA and SKNY-1, as detailed in the binding letter of intent reported before, stipulates that SKNY must possess a minimum of $5m in cash or equivalent assets for transferring at the time of closing.
Preparations are underway for a filing with the US Securities and Exchange Commission to secure shareholder approval for the merger.
MIRA noted that as the company progresses with the merger, the combined enterprise value exceeding $60m based on Moore’s assessments, signifies a robust platform to venture the company into therapeutic markets.
MIRA Pharmaceuticals CEO Erez Aminov said that “the acquisition brings together two pipelines, two market opportunities, and one unified strategy, developing targeted, first-in-class therapies for urgent public health needs.”
SKNY-1 is said to target cannabinoid receptors and monoamine oxidase B, offering an approach to tackling metabolic dysfunction and nicotine dependence.
MIRA claims to develop treatments for neuropsychiatric, neurological, as well as metabolic disorders.
MIRA Pharmaceuticals chief scientific advisor Dr Itzchak Angel said: “From a scientific perspective, this is a rationally designed molecule that addresses the biological complexity of both obesity and addiction. The early data are promising, and I’m looking forward to advancing its development.”
