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Sevion Therapeutics to acquire Eloxx Pharmaceuticals

Sevion Therapeutics Inc. agreed to acquire Eloxx Pharmaceuticals Ltd., a clinical stage company developing first-in-class therapeutics for the treatment of genetic disease caused by nonsense mutations.

Under the definitive agreement signed May 31, Eloxx will become a unit of Sevion. Eloxx shareholders will receive Sevion common shares equivalent to about 70% of Sevion's issued and outstanding share capital, subject to further adjustment.

Eloxx and Sevion expect to raise at least $24 million in private equity investment rounds as a condition prior to consummation of the transaction.

Sevion will change its name to Eloxx Pharmaceuticals Inc. after completion of the deal and intends to apply to list its shares for trading on Nasdaq.

The executive team of Eloxx will manage the combined entity, which will be based out of Eloxx's current corporate offices in Waltham, Mass., and Rehovot, Israel. Eloxx CEO Silvia Noiman will take the same role in the combined entity, while Pedro Huertas will assume the role of chief medical officer.

The boards of both companies approved the proposed transaction, which is expected to close on or before Dec. 31, subject to shareholder approval and other customary closing conditions.

Shareholders of Eloxx, including Pontifax and Gilad Shabtai, who hold in the aggregate about 81% of its voting shares to date have entered into agreements in support of the proposed transaction.