Privately held Melinta Therapeutics is acquiring Cempra Inc. in a reverse merger to list on Nasdaq.
The resulting company will adopt the Melinta Therapeutics name and will be 48% owned by former Cempra shareholders.
The new company's board will comprise nine members: four nominated by Cempra and five, including the chairman, to be nominated by Melinta.
Both the companies will work through a joint selection committee to appoint a CEO.
The transaction is backed by the board of both companies and is expected to close during the fourth quarter of 2017.
The new company will focus on the commercial launch of Melinta's Baxdela, which is approved in the U.S. for acute bacterial skin and skin structure infections. Baxdela is also being evaluated as a treatment of community-acquired bacterial pneumonia and complicated urinary tract infections.
Cempra has an ongoing ophthalmic development program for solithromycin and is completing preclinical work to support a potential investigational new drug application in 2018.
Morgan Stanley, Stifel, and Skadden and Wyrick Robbins advised Cempra on the deal. Melinta was advised by J.P. Morgan Securities LLC and Willkie Farr & Gallagher LLP.
Malin Corp. PLC is an investor in Melinta Therapeutics.