Aduro BioTech (NASDAQ:ADURO) saw its shares move skyward, on word its stockholders approved a merger agreement with Chinook Therapeutics.
The Berkeley, Calif.-based clinical-stage biopharmaceutical company is focused on developing therapies targeting the Stimulator of Interferon Genes (STING) and A Proliferation Inducing Ligand (APRIL) pathways for the treatment of cancer, autoimmune and inflammatory diseases.
The Company reported that the various proposals giving effect to the merger agreement between Aduro and Chinook Therapeutics were approved by approximately 55,168,606 of the outstanding shares of Aduro. All proposals were approved by the Aduro stockholders. A Form 8-K disclosing the full voting results will be filed with the Securities and Exchange Commission on Thursday.
Following stockholder approval, the Company announced a one-for-five reverse stock split. The Company’s common stock began trading on a split-adjusted basis on The NASDAQ Global Select Market effective with the open of the market on Friday.
For its part, Chinook is a clinical-stage biotechnology company developing precision medicines for kidney diseases. The company’s products are focused on rare, severe chronic kidney disorders with opportunities for well-defined and streamlined clinical pathways.
Chinook’s lead program is atrasentan, an investigational phase 3-ready endothelin receptor antagonist in development for the treatment of IgA nephropathy and other primary glomerular diseases. Through the proposed Aduro merger, Chinook will also add BION-1301, an investigational anti-APRIL monoclonal antibody in a phase 1b trial for IgA nephropathy, to its pipeline.
ADURO shares popped $1.18, or 8.3%, late Friday morning to $15.49.