Akari Therapeutics Announces Form S-4 Effectiveness and November 7, 2024 Meeting on Peak Bio Merger

Akari Therapeutics, Plc, a biotechnology enterprise listed on Nasdaq under the symbol AKTX, has announced the effectiveness of their Form S-4 related to the impending merger with Peak Bio, Inc. This form, initially filed with the SEC on September 13, 2024, was approved on October 11, 2024, enabling the previously deferred General Meeting to be scheduled. This meeting is slated to occur on November 7, 2024, at 9:00 a.m. Eastern Time at the company's London offices.

Dr. Samir Patel, Akari's Interim President and CEO, expressed enthusiasm about the merger's progress. He emphasized that with the shareholders' support, the company can advance its strategic goals, particularly focusing on the Antibody Drug Conjugate (ADC) and Geographic Atrophy (GA) platforms. Additionally, pending the merger's approval, Akari anticipates resolving its Nasdaq shareholder deficit matter based on current projections.

The merger agreement between Akari and Peak Bio was first announced on March 5, 2024. This merger is structured as a stock-for-stock transaction, with the newly formed entity continuing as Akari Therapeutics, Plc, retaining its Nasdaq listing under the AKTX ticker. According to the agreement, Peak Bio shareholders will receive Akari ordinary shares represented by American Depositary Shares for each Peak Bio share they hold. The share exchange is designed to achieve an equal ownership split between Akari and Peak Bio shareholders on a fully diluted basis, subject to certain adjustments based on each company's net cash at the transaction's close. The merger is expected to conclude in the fourth quarter of this year, contingent on customary closing conditions and shareholder approvals from both entities.

Akari Therapeutics is dedicated to developing advanced treatments for autoimmune and inflammatory diseases. Their leading asset, nomacopan, is an investigational bispecific recombinant inhibitor targeting complement C5 activation and leukotriene B4 (LTB4) activity. Akari is also conducting pre-clinical research for the long-acting PAS-nomacopan in treating geographic atrophy (GA).

Peak Bio, a clinical-stage biopharmaceutical company, focuses on developing therapeutics for oncology and inflammatory diseases. Their pipeline includes an ADC platform with novel toxins and linkers targeting cancer antibodies and a Phase 2-ready neutrophil elastase inhibitor for alpha1 anti-trypsin deficiency disorder (AATD).

The merger brings together Akari’s expertise in autoimmune and inflammatory diseases with Peak Bio’s focus on oncology, potentially creating a robust portfolio of therapeutic candidates addressing significant unmet medical needs. The combined entity aims to leverage synergies in research and development, ultimately benefiting patients through more innovative treatment options.

This strategic merger is anticipated to enhance the financial and operational capabilities of both companies, allowing them to better navigate the competitive biotechnology landscape. The companies are optimistic about the merger’s potential to drive growth and innovation, paving the way for future developments in their respective therapeutic areas.