Tvardi Completes Merger with Cara and Begins Public Trading
Deal News | Apr 15, 2025 | Globenewswire
Tvardi Therapeutics has completed its merger with Cara Therapeutics, forming a new clinical-stage biopharmaceutical company listed on the Nasdaq. The company's shares will trade under the symbol 'TVRD' beginning April 16, 2025. The combined entity, now led by CEO Imran Alibhai, will focus on developing therapies targeting STAT3 for fibrosis-driven diseases. The merger brings together the scientific and financial resources to support these initiatives, including two Phase 2 clinical trials anticipated to yield results in 2025 and 2026. Tvardi's cash reserves, bolstered by a private placement and Cara's remaining funds, are expected to support operations into late 2026. The merger resulted in a 1-for-3 reverse stock split, and Tvardi will ring the Nasdaq closing bell to mark its public debut.
Sectors
- Biotechnology
- Pharmaceuticals
- Financial Services
Geography
- United States – Both Tvardi Therapeutics and Cara Therapeutics are U.S.-based companies, and the Nasdaq listing further ties the geographical relevance.
Industry
- Biotechnology – The article discusses Tvardi Therapeutics, a biopharmaceutical company focused on developing novel therapeutic treatments for fibrosis-driven diseases.
- Pharmaceuticals – Cara Therapeutics, involved in the merger, is part of the pharmaceuticals sector, reflecting their focus on innovative drug therapies.
- Financial Services – The merger involves financial advisory roles and stock market implications, fitting within the context of financial services.
Financials
- $28 million – Amount raised through a private placement financing associated with Tvardi Therapeutics.
- $24 million – Cash reserves from Cara Therapeutics at the time of merger closing.
- 9.4 million shares – Number of shares of the newly combined company's common stock issued and outstanding post-merger.
- 15.4% – Percentage of the combined company's common stock owned by pre-merger equityholders of Cara.
- 84.6% – Percentage of the combined company's common stock owned by pre-merger equityholders of Tvardi.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Tvardi Therapeutics | Target Company | Company | A clinical-stage biopharmaceutical company focused on therapies targeting STAT3 for fibrosis-driven diseases. |
| Cara Therapeutics | Selling Company | Company | A biopharmaceutical company involved in the merger with Tvardi to focus on innovative therapies for unmet medical needs. |
| Imran Alibhai | CEO | Person | Chief Executive Officer of the combined entity post-merger. |
| Piper Sandler & Co. | Financial Advisor | Company | Exclusive financial advisor to Cara Therapeutics for the merger. |
| Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C. | Legal Advisor | Company | Legal counsel to Cara Therapeutics during the merger process. |
| Cooley LLP | Legal Advisor | Company | Legal counsel to Tvardi Therapeutics during the merger process. |
| Goodwin Procter LLP | Legal Advisor | Company | Legal counsel to Tvardi Therapeutics during the merger process. |