Synageva BioPharma Corp., a privately held biopharmaceutical company developing therapeutic products for rare disorders (“Synageva”), and Trimeris, Inc. (NASDAQ: TRMS) (“Trimeris”), announced today that they have entered into a definitive agreement under which Synageva will merge with Trimeris in an all-stock transaction. Upon closing, the combined company will be named Synageva BioPharma Corp., and will operate under the leadership of the Synageva management team with Sanj K. Patel serving as the President and Chief Executive Officer. In addition, the company’s board of directors will have representatives from both the existing Synageva and Trimeris boards. The merger will create a publicly-traded company focused on the development of novel therapeutics for patients with rare diseases and unmet medical need. “The strategic combination of our two companies will allow Synageva to continue to aggressively advance our lead clinical program, SBC-102, an enzyme replacement therapy for LAL Deficiency,” said Sanj K. Patel, President and Chief Executive Officer of Synageva BioPharma. “Since launching Synageva in 2008, we have made tremendous progress in building a promising pipeline of product candidates targeted at rare and devastating diseases. This transaction gives us access to significant financial resources while maintaining our focus on the goal of bringing our clinical development programs to commercialization as soon as possible.” Martin Mattingly, Chief Executive Officer of Trimeris, Inc. added, “We believe this newly combined company will have dramatic upside. The rare disease space offers very attractive opportunities for success due to the absence of effective therapies, the relatively small clinical trials, and the faster path to commercialization. We found the Synageva opportunity to be particularly compelling. The combined company will have a clinical stage asset with ownership of worldwide commercial rights, a portfolio of additional rare disease programs, substantial financial resources and a strong management team with prior experience in successfully bringing rare disease products to market.”
Shares of Trimeris (Nasdaq:TRMS) have taken a tremendous swing upward. The stock is trading at $2.41 as of 3:40 p.m. ET, 23.6% above Monday's closing price of $1.95. Volume is at 1.2 million, 11 times the daily average of 106,500.