Tokai Pharmaceuticals (NASDAQ: TKAI) shares are up 38% mid-day after the company announced its definitive share purchase agreement with Otic Pharma Ltd., as well as the shareholders of Otic Pharma who will become the majority owners of Tokai. The transaction will result in a NASDAQ-listed company focused on the development and commercialization of products for ear, nose and throat (ENT) disorders. The emerging company will operate under the name OticPharma, Inc., and will be led by current Otic Pharma CEO Gregory J. Flesher. “Over the last several months, Tokai has conducted an extensive review of strategic alternatives aimed at maximizing value for our shareholders over the long-term … We believe the proposed transaction with Otic Pharma, a company that has both a promising pipeline and an experienced leadership team with a track record of creating significant shareholder value in public pharmaceutical companies, advances this goal,” Tokai president and CEO Jodie Morrison stated in the news release.
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About Tokai Pharmaceuticals
Tokai Pharmaceuticals is a biopharmaceutical company previously focused on developing and commercializing innovative therapies for prostate cancer and other hormonally driven diseases. The ARMOR2 and ARMOR3-SV clinical trials of Tokai’s drug candidate, galeterone, for the treatment of metastatic castration-resistant prostate cancer (mCRPC) have been closed, with only patients in ARMOR2 long-term extension continuing treatment at this time. Plans remain in effect to present data from the ARMOR3-SV trial in a scientific forum once fully available and analyzed. Assessment of plans for galeterone, the ARDA platform and Tokai’s AR-V7 assay work are underway at this time. For more information visit www.tokaipharmaceuticals.com
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