Kalaris Completes Merger with AlloVir, Shares to Trade on Nasdaq
Deal News | Mar 18, 2025 | Globenewswire
Kalaris Therapeutics, Inc., a clinical-stage biopharmaceutical firm dedicated to retinal disease therapy development, announced the completion of its merger with AlloVir, Inc. The combined entity will retain the Kalaris name and operate under its management, with shares scheduled to trade on the Nasdaq under the ticker 'KLRS'. Currently, Kalaris is focusing on TH103, a promising anti-VEGF agent targeting neovascular and exudative retinal diseases. With $100 million post-merger cash, the company aims to sustain operations through late 2026 and propel the TH103 Phase 1 trials, expecting first results in late 2025. The merger gives Kalaris an ownership stake distribution of approximately 74% for pre-merger Kalaris stockholders and 26% for pre-merger AlloVir stockholders, highlighting the strategic alignment to advance retinal treatment innovations. Financial advising for the transaction was led by Leerink Partners, with Goodwin Procter LLP and Wilmer Cutler Pickering Hale and Dorr LLP serving as respective legal counsels.
Sectors
- Biotechnology
- Pharmaceuticals
- Healthcare
Geography
- United States – The proceedings of the merger and related operations are taking place in the U.S., with companies headquartered or operating in regions such as Palo Alto, CA.
Industry
- Biotechnology – This industry is relevant as it involves Kalaris and AlloVir, companies that specialize in biopharmaceutical developments and therapeutic treatments through innovative technologies like anti-VEGF agents.
- Pharmaceuticals – Kalaris Therapeutics is focused on developing drugs for retinal diseases, indicating its involvement in the pharmaceutical industry concerning medical and drug development processes.
- Healthcare – The theme of the article around developing therapies for retinal diseases situates both Kalaris and AlloVir within the broader healthcare sector.
Financials
- $100 million – Post-transaction cash reserves expected to fund operations until the fourth quarter of 2026.
- 18,702,413 shares – Number of shares outstanding post-merger, with ownership structure outlined between Kalaris and AlloVir stakeholders.
- 74.47% – Percentage of post-merger shares held by pre-merger Kalaris stockholders.
- 25.53% – Percentage of post-merger shares held by pre-merger AlloVir stockholders.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Kalaris Therapeutics, Inc. | Merger Company | Company | A clinical-stage biopharmaceutical company developing treatments for retinal diseases, specifically advancing the anti-VEGF agent TH103. |
| AlloVir, Inc. | Merger Company | Company | A biopharmaceutical company involved in the merger with Kalaris to form a joint entity focused on developing new therapies. |
| Leerink Partners | Financial Advisor | Company | Served as the exclusive financial advisor to AlloVir for the merger transaction. |
| Goodwin Procter LLP | Legal Advisor | Company | Provided legal counsel to AlloVir during the merger. |
| Wilmer Cutler Pickering Hale and Dorr LLP | Legal Advisor | Company | Served as legal counsel to Kalaris during the merger process. |
| Andrew Oxtoby | CEO | Person | CEO of Kalaris Therapeutics, leading the combined entity post-merger. |
| Dr. Napoleone Ferrara | Developer of TH103 | Person | Developed the anti-VEGF drug TH103 for Kalaris Therapeutics. |