CK Life Sciences' unit to merge with Nasdaq-listed TransCode Therapeutics

CK Life Sciences International (0775) announced that its subsidiary Polynoma will merge with Nasdaq-listed TransCode Therapeutics in a deal that will give the Hong Kong-listed company a potential 90.7 percent stake in the combined entity.  

Under the agreement, TransCode will issue US$125 million in new shares – comprising common stock and non-voting preferred shares – to acquire Polynoma's parent company. The preferred shares are convertible to common stock upon shareholder approval and compliance with Nasdaq regulations.  

Concurrently, CK Life Sciences agreed to make a US$25 million strategic investment in TransCode through its wholly-owned subsidiary DEFJ, to support continued development of Polynoma's flagship therapeutic vaccine candidate and TransCode's therapeutic drugs. The investment will be made in non-voting preferred shares convertible to common stock under specified terms.  

Upon completion, CK Life Sciences will hold approximately 9.1 percent of TransCode's issued common shares. If all preferred shares are fully converted, this stake is expected to increase to about 90.7 percent.  

TransCode, listed on Nasdaq since July 2021, is a clinical-stage biopharmaceutical company focused on developing innovative cancer therapeutics.

CK Life vice president and chief scientific officer Melvin Toh Kean-meng said that adding Polynoma's therapeutic cancer vaccine seviprotimut-L to TransCode's advanced RNA therapy pipeline would enable a "multi-faceted attack on cancer."