Kalaris Therapeutics to merge with AlloVir
Public biotechnology company AlloVir has agreed to merge with the privately held Kalaris Therapeutics, nearly one year after a clinical setback sunk its stock price and its options.
Through a reverse merger the two companies will combine to create a new firm that will operate under Kalaris’ name and trade on Nasdaq with the ticker “KLRS.” The new firm will have about $100 million in cash at the merger’s closing, which is expected around the first quarter of next year. The deal marks an end of the road for AlloVir, which has been reeling since stopping three clinical trials of its CAR-T therapy last year. AlloVir discontinued the studies after data monitoring committees recommended they be stopped for “futility.” Less than a month later, the company reduced its workforce by 95%.
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