Why Silverback Therapeutics (SBTX) Are Trading Lower Today

ARS Pharmaceuticals Inc will merge with Silverback Therapeutics Inc SBTX in an all-stock transaction, with a new entity operating under the ARS Pharmaceuticals name and trade on NASDAQ under the SPRY symbol.
The combined company will focus on neffy, ARS's investigational epinephrine nasal spray for Type I allergic reactions, including anaphylaxis.
The combined entity is expected to have approximately $265 million in cash and equivalents at closing.
Also Read: Silverback Therapeutics Axes Lead Immuno-Oncology Candidates, Lays Off 27% Workforce.
ARS designed neffy to provide injection-like absorption of epinephrine in a small, easy-to-carry, easy-to-use, and rapidly administered nasal spray device.
With its needle-free administration, neffy may help eliminate the anxiety and hesitation associated with using an autoinjector.
ARS is preparing to submit its FDA marketing application for neffy in Q3 of 2022. If approved, ARS plans to launch neffy in the U.S. in 2023.
Silverback equity holders will own approximately 37%, and pre-merger ARS will own 63% of the combined company.
Price Action: SBTX shares are down 10.4% at $3.94 during the premarket session on the last check Friday.

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