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Chinook Therapeutics to merge with Aduro Biotech as it pushes forward with kidney disease therapies
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Chinook Therapeutics to merge with Aduro Biotech as it pushes forward with kidney disease therapies

Chinook Therapeutics, a biotech firm creating focused therapies for kidney ailments, has agreed to merge with Berkeley, Calif.-based Aduro Biotech.

The proposed all-stock deal “is a singular alternative for Chinook to construct a number one firm within the kidney disease house,” Chinook CEO Eric Dobmeier mentioned in an announcement. Aduro plans to purchase 100% of Chinook’s inventory in trade for 50% of its personal shares.

The mixed firm will take Chinook’s title and might be headquartered out of Chinook’s services in Vancouver, B.C. and Seattle. It would commerce on Nasdaq below the ticker KDNY.

Chinook raised $65 million in a Sequence A financing spherical this previous August from Versant Ventures, Apple Tree Companions, and Samsara BioCapital. Chinook’s buyers are placing in one other $25 million as a part of the proposed merger.

Dobmeier most lately served for a quick stint as CEO of Seattle-based startup Silverback Therapeutics. He was COO at Seattle Genetics for 15 years and at the moment is a board member at Adaptive Biotechnologies and Atara Biotherapeutics.

Based in 2000, Aduro develops immunotherapies for most cancers and different ailments. The corporate went public in 2015 and has seen shares fall steadily since then.

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