September 27, 2017 / 10:32 PM / a year ago

BRIEF-Alcobr, Arcturus Therapeutics agree to merge

Sept 27 (Reuters) - Alcobra Ltd:

* Alcobra ltd and Arcturus therapeutics, inc. Agree to merge

* Proposed merger has been unanimously approved by boards of directors of both companies

* Co, Arcturus therapeutics​ ‍sign definitive agreement to merge two companies in an all-stock transaction

* Holders of arcturus outstanding capital stock immediately prior to merger will receive ordinary shares of alcobra in merger​

* Conversion ratio for deal is based on a valuation of co of $46.7 million, including about $35 million of expected alcobra cash at closing​

* Combined company well-capitalized with approximately $40 million in cash projected at closing

* Joseph E. Payne is expected to serve as president and chief executive officer of combined company​

* On pro forma basis for combined co,alcobra shareholders to own about 40%,arcturus shareholders expected to own about 60% of combined co

* Board of directors of combined company will be comprised of seven members​

* $40 million in cash projected at closing is expected to fund co through multiple value creation milestones and into early clinical development

* Seven members will include three members to be designated by Alcobra and four members to be designated by Arcturus​ Source text for Eikon: Further company coverage:

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