Silexion's first generation product, Loder™, successfully tested in a multinational Phase 2a clinical trial in patients with non-resectable pancreatic cancer which harbors an oncogene believed to be a major driver of the cancer
In combination with chemotherapy, Loder resulted in a median overall survival (OS) advantage of 9.3 months over chemotherapy alone (22.7 vs 13.4 months)
Modi'in, Israel and New York, New York, Feb. 22, 2024 (GLOBE NEWSWIRE) -- Moringa Acquisition Corp (NASDAQ:MACA) ("Moringa"), a special purpose acquisition company, today announced it has entered into a business combination agreement with Silexion Ltd. ("Silexion"), a clinical-stage, oncology-focused biotechnology company, that would result in Silexion becoming publicly listed on the Nasdaq. The business combination provides for Silexion's pre-transaction equity value to be $62.5 million, based on a $10 share price.
The business combination, which has been unanimously approved by the boards of directors of Silexion and Moringa, is expected to close in the third quarter of 2024, subject to the satisfaction of customary closing conditions, including the approval of Silexion and Moringa shareholders and Nasdaq approval of the initial listing of the combined company's securities.
Ilan Levin, Chief Executive Officer and Chairman of Moringa, noted, "We are incredibly excited to announce the proposed merger with Silexion. Silexion is at the cutting edge of RNA therapeutics, with a first generation product, Loder™, that has demonstrated very impressive results in a multinational Phase 2a clinical trial in patients with non-resectable pancreatic cancer. Specifically, Loder achieved a median overall survival (OS) advantage of 9.3 months in combination with chemotherapy versus chemotherapy alone (22.7 vs 13.4 months) in patients harboring specific mutations in the KRAS oncogene referred to as G12D or G12V. To further enhance the efficacy, Silexion has taken steps to potentially optimize both the siRNA and the delivery system and has moved the development to a second generation product, SIL-204B. We believe the business combination will provide both our respective shareholders the opportunity to participate in the potential of Silexion's powerful platform as a public company listed on Nasdaq."
Additional Key Transaction Terms
Moringa will serve as the acquiring entity in the business combination, and is expected to issue 6.25 million shares (on a fully-diluted basis) to Silexion's current equity holders pursuant to the transaction.
The board of directors of the combined company will consist of seven members, of whom two will be appointed by Moringa's sponsor.
Additional information about the proposed business combination, including a copy of the business combination agreement, will be provided in one or more Current Reports on Form 8-K to be filed by Moringa with the U.S. Securities and Exchange Commission.