Aduro Biotech To Acquire Chinook Therapeutics - Quick Facts

(RTTNews) - Aduro Biotech, Inc. (ADRO) has agreed to acquire all of the outstanding capital stock of Chinook Therapeutics, Inc. in exchange for shares of Aduro common stock representing approximately 50 percent of Aduro's outstanding common stock. Chinook Therapeutics is a privately held clinical-stage biotechnology company focused on the discovery, development and commercialization of precision medicines for kidney diseases. The closing of the deal is expected to occur in the second half of 2020.

Aduro will be renamed Chinook Therapeutics, Inc., and is anticipated to trade on the Nasdaq Global Market under the ticker, KDNY. In connection with the transaction, Stephen Isaacs, chairman, president and chief executive officer of Aduro, will be stepping down. Eric Dobmeier will be the president and chief executive officer of the combined company. The combined company is projected to have approximately $200 million in cash, cash equivalents and marketable securities at closing.