Pathos AI, Inc. has successfully completed its acquisition of Rain Oncology Inc. in a deal worth $1.16 per share in cash, along with one contingent value right per share. The tender offer, which expired on January 25, saw a total of 28,031,182 shares of Rain common stock tendered, representing approximately 77% of the outstanding shares.
Following the completion of the tender offer, Pathos AI’s subsidiary, Merger Sub, merged with Rain Oncology through a process known as a Merger. As a result, all shares of Rain common stock that were not tendered and remained outstanding were cancelled and converted into the right to receive $1.16 per share in cash, along with one contingent value right per share.
Rain Oncology Inc. is a precision oncology company that focuses on developing therapies targeting oncogenic drivers. Its lead product candidate, milademetan, is an oral inhibitor of the p53-MDM2 complex that reactivates the p53 gene, aiming to provide targeted treatment options for cancer patients.
Pathos AI, Inc. is a clinical stage biotechnology company that specializes in re-engineering drug development using AI technologies, multimodal real-world data, and patient-derived biological models. Through collaborations with biopharmaceutical companies, Pathos aims to bring precision medicines to market.
By acquiring Rain Oncology, Pathos expands its portfolio and strengthens its position in the biotechnology industry. As a wholly owned subsidiary of Pathos, Rain Oncology will operate under the Pathos AI umbrella.
The completion of the acquisition marks an important milestone for both companies. Rain Oncology shareholders who tendered their shares will receive the agreed-upon offer consideration, while Rain common stock will be delisted from Nasdaq.
Moving forward, Pathos AI will continue its efforts in advancing drug development and leveraging AI technologies to provide innovative solutions in precision medicine. With the combined expertise and resources of both companies, they aim to make significant contributions to the field of oncology and improve patient outcomes.
Disclaimer: This article is generated by OpenAI’s language model. The information provided in this article does not constitute investment advice. Please do your own research before making any investment decisions.
