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Organovo receives merger proposal from Viscient Biosciences

Organovo Holdings Inc. said it received a merger offer from privately held Viscient Biosciences.

On Aug. 7, Organovo initiated a restructuring program and a review of strategic options to significantly reduce expenses after the company's board decided to discontinue its lead liver drug candidate.

Under the proposed deal, new Organovo shares will be issued to Viscient's existing shareholders. Organovo shareholders could own up to 43% of the combined company, with the remaining to be held by Viscient stockholders.

The company noted that it will evaluate Viscient's offer in due course and advised its shareholders to not take any action at this time.

San Diego-based Viscient Biosciences is a biotechnology company developing drugs for different therapeutic areas with significant unmet need using human 3D tissue technology and multi-omics, or genomics, transcriptomics, metabolomics.