Eloxx Pharmaceuticals Ltd.’s Acquisition of Sevion Therapeutics, Inc.


Ropes & Gray advised Eloxx Pharmaceuticals Ltd. on the deal

Eloxx Pharmaceuticals Ltd. and Sevion Therapeutics, Inc. have completed their previously announced acquisition transaction effective as of December 19, 2017. The Company will be known as Eloxx Pharmaceuticals, Inc. following the completion of the transaction, and began trading on OTCQB Market under the new name effective as of December 20, 2017.

At the effective time of the transaction, all of the issued and outstanding ordinary and preferred shares of Eloxx stock were converted, on a pro rata basis, into the right to receive 20,316,656 shares of Sevion common stock, par value $0.01, after giving effect to the 1-for-20 reverse stock split. Following the reverse stock split and post-acquisition, the combined company has approximately 27.6 million shares outstanding.

The Ropes & Gray team was co-lead by IP transactions partner and co-leader of the firm’s international practice Harry Rubin and partner and co-head of the firm’s mergers and acquisitions practice Carl Marcellino (Picture), both from the firm’s New York office.

Involved fees earner: Carl Marcellino – Ropes & Gray; Harry Rubin – Ropes & Gray;

Law Firms: Ropes & Gray;

Clients: Eloxx Pharmaceuticals Inc.;

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Author: Ambrogio Visconti