RDD Pharma announces Naia Rare Diseases acquisition
15 November 2019 -

RDD Pharma, a company focused on orphan and innovative therapies for gastrointestinal disorders, has signed a non-binding letter of intent to acquire Naia Rare Diseases, a biopharmaceutical company developing drugs for Short Bowel Syndrome and other rare gastrointestinal diseases, it was reported yesterday.

The deal is likely to be completed after the consummation of the proposed merger of RDD and Innovate Biopharmaceuticals Inc. (Nasdaq: INNT) that will establish an integrated company intended to be named 9 Meters Biopharma Inc. In return, Naia will receive a combination of cash and shares in 9 Meters Biopharma subject to closing of the INNT Merger. Based on the terms of the Letter of Intent, the integrated company is to acquire all of the privately-held Naia outstanding capital stock. The corporate headquarters for the combined company will be located in Raleigh, North Carolina.

John Temperato, the current CEO of RDD and named CEO of 9 Meters Biopharma, said, 'Combining the pipelines of RDD, Innovate and Naia Rare Diseases into 9 Meters Biopharma would create a next generation gastroenterology company focused on developing treatments for unmet needs in specialty, rare and orphan indications. From Naia's drug candidates to the first-ever Phase 3 registration trial in celiac disease, we expect multiple value creating inflection points over the next 24 months.'