January 5, 2017 / 10:01 PM / 3 years ago

BRIEF-Oncogenex Pharmaceuticals and Achieve Life Science announce definitive merger agreement

Jan 5 (Reuters) - Oncogenex Pharmaceuticals Inc

* Oncogenex Pharmaceuticals Inc and Achieve Life Science, Inc announce definitive merger agreement

* Oncogenex - upon completion of proposed merger, achieve’s equity holders are expected to own 75 pct of combined company’s outstanding shares

* Oncogenex Pharmaceuticals Inc - combined company’s executive management team will be led by Rick Stewart, chairman of Achieve

* Oncogenex Pharmaceuticals - expected to distribute to its stockholders contingent value rights (CVRS) for 80 pct of any net proceeds of certain payments

* Oncogenex Pharmaceuticals Inc - board of directors of combined company is expected to consist of seven members

* Following completion of merger, Oncogenex Pharmaceuticals Inc ill be renamed Achieve Life Sciences Inc

* Oncogenex - after completion, current stockholders of oncogenex are expected to own remaining 25 pct of combined company’s outstanding shares

* Oncogenex Pharmaceuticals Inc - “efforts will continue to establish a strategic partnership to further development of apatorsen”

* Oncogenex Pharmaceuticals Inc - transaction has been approved unanimously by boards of directors of both companies Source text for Eikon: Further company coverage:

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