Poolbeg Pharma (POLB) , a clinical-stage biopharma company focused on infectious diseases, said it has entered non-binding discussions with HOOKIPA Pharma regarding its potential all-share acquisition by HOOKIPA. The proposed merger seeks to create a "strong clinical-stage biopharmaceutical company focused on developing and commercialising innovative medicines for critical unmet medical needs", with a focus on next-gen cancer immunotherapies.
HOOKIPA is listed on Nasdaq under ticker HOOK, and Poolbeg is listed on AIM under ticker POLB. Under the proposed merger, POLB shareholders will receive 0.03 HOOK shares for each POLB share held. The resulting exchange ratio will see POLB shareholders retain 55% equity in the combined group, while HOOK shareholders will hold 45%.
Additionally, HOOK is expected to execute a private placement fundraise of up to c. US$30m, to be funded into the company immediately following the merger in order to provide additional working capital. Upon completion of the fundraise, the combined group would be debt-free, with financial runway through year-end 2026. Both the acquisition and fundraise are expected in early Q2 2025.
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Poolbeg Pharma and HOOKIPA Pharma have announced a potential merger, aiming to create a biopharma leader focused on innovative treatments, particularly cancer immunotherapies. Should the merger go through, POLB shareholders will retain majority equity in the combined group while HOOKIPA will remain the listed entity on Nasdaq, with Poolbeg becoming a private subsidiary. The combined entity will be a significant force in the rapidly evolving field of immunotherapies, with operations in the US, UK, and EU.
The enlarged business would benefit from an all-star team of industry veterans, including Cathal Friel (Poolbeg cofounder) who would become Executive Chairman; Ian O'Connell, (Poolbeg cofounder) who would become CFO; and Malte Peters, PhD, would be the company's CEO. The combined entity would boast a significant diversified clinical pipeline, led by HOOK's multi-KRAS targeting HB-700, a next-gen immunotherapy targeting cancers with limited treatment options, and Poolbeg's POLB 001, a disruptive oral treatment for cancer immunotherapy-induced CRS.
Investors can expect multiple near-term value inflection points from the enlarged group, boosted by the aforementioned US$30m fundraise. The merger should bolster near-term clinical data catalysts, with data expected across multiple programmes over the next 24 months in areas with unmet medical needs. The enlarged group would also inherit 2 partnered programmes with Gilead Sciences, offering the potential of significant R&D and commercialisation milestones in addition to substantial royalties.
Specifically, expected near-term value inflection points include Phase 1 interim data for HB-700 in the H1 2026, Phase 2a topline data for POLB 001 in H2 2026, and primary completion of the Phase 1b trial of HB-500 in H2 2025.
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