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BRIEF-Inotek Pharmaceuticals announces merger agreement with Rocket Pharmaceuticals to advance pipeline of first-in-class gene therapies for rare diseases
September 12, 2017 / 8:29 PM / 7 days ago

BRIEF-Inotek Pharmaceuticals announces merger agreement with Rocket Pharmaceuticals to advance pipeline of first-in-class gene therapies for rare diseases

Sept 12 (Reuters) - Inotek Pharmaceuticals Corp

* Inotek Pharmaceuticals announces merger agreement with Rocket Pharmaceuticals to advance pipeline of first-in-class gene therapies for rare diseases

* Inotek Pharmaceuticals Corp - ‍Rocket shareholders are expected to own approximately 81% of combined company​

* Inotek Pharmaceuticals Corp - ‍Shareholders of Rocket will receive shares of newly issued inotek common shares in a private placement​

* Says transaction has been unanimously approved by board of directors of both companies

* Inotek Pharmaceuticals Corp - ‍Current Inotek shareholders will own approximately 19% of combined company​

* Inotek Pharmaceuticals Corp - ‍It is reducing its workforce by approximately 60% to a total of 7 full-time employees​

* Inotek Pharmaceuticals Corp - ‍All affected employees are being offered severance and transition benefits​

* Inotek Pharmaceuticals Corp - ‍Gaurav Shah will serve as chief executive officer of combined company​

* Inotek Pharmaceuticals Corp - ‍Combined company board of directors will be chaired by Roderick Wong, managing partner of RTW Investments​ Source text for Eikon: Further company coverage:

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