Akebia, Keryx to merge, creating $1B kidney disease company
Kidney disease specialist Akebia Therapeutics will merge with Keryx Biopharmaceuticals in an all-stock deal, creating a $1B company that blends Keryx’s commercial presence in the renal market with Akebia’s pipeline.
The new company will keep the Akebia name and be led by current Akebia CEO John Butler. According to the deal terms, shareholders in Keryx will own 50.6% of the new Akebia, while current Akebia shareholders will own 49.4%.
Hedge fund Baupost Group, Keryx’s largest shareholder, will convert its $165M in outstanding convertible notes of Keryx into Keryx common stock. The deal is expected to close by the end of 2018.
