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BRIEF-Tokai Pharmaceuticals and Otic Pharma enter into share purchase deal
December 22, 2016 / 1:18 PM / a year ago

BRIEF-Tokai Pharmaceuticals and Otic Pharma enter into share purchase deal

Dec 22 (Reuters) - Tokai Pharmaceuticals Inc

* Tokai Pharmaceuticals and Otic Pharma enter into share purchase agreement

* Tokai Pharmaceuticals Inc says upon exchange, it is expected that existing tokai stockholders will own approximately 40% of combined company

* Tokai Pharmaceuticals - entered into a definitive share purchase agreement under which shareholders of otic pharma will become majority owners of tokai

* Tokai Pharmaceuticals Inc - gregory j. Flesher to be named president and chief executive officer of combined company

* Tokai Pharmaceuticals Inc - shareholders of otic pharma will receive a total of 32.2 million shares of newly issued tokai common stock

* Transaction has been unanimously approved by boards of directors of both companies and shareholders of otic pharma

* Tokai Pharmaceuticals Inc says existing otic pharma shareholders owning approximately 60% of combined company

* Tokai Pharmaceuticals - upon close of transaction, board of combined cowill consist of 7 members, 3 to be designated by tokai, 4 to be designated by otic pharma

* Tokai Pharmaceuticals - an otic pharma investor syndicate has committed to invest $7 million of additional capital in connection with share purchase agreement Source text for Eikon: Further company coverage:

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