NeuroBo Pharmaceuticals, Inc. (NasdaqCM:NRBO) acquired Ana Therapeutics Inc. for $18 million on December 31, 2020. Under the terms, NeuroBo issued approximately 3.24 million shares as consideration. ANA shareholders will receive additional payments in cash or NeuroBo common shares, upon the achievement of various development and net sales milestones for ANA-001 and will also receive royalties based on net sales of ANA-001. The shares issued represent 19.7% of NeuroBo's outstanding shares. Under the terms of the acquisition agreement, ANA became a wholly owned subsidiary of NeuroBo. Three key executives from ANA Therapeutics have joined the NeuroBo management team including, Akash Bakshi, as Senior Vice President and Chief Operating Officer, Nadja Mannowetz, as Senior Vice President, and Andrew Bartynski, as Senior Vice President. In addition, Akash Bakshi has joined NeuroBo's Board of Directors. The transaction was unanimously approved by both the NeuroBo Pharmaceuticals' and ANA Therapeutics' Boards of Directors. The consummation was not subject to approval of the NeuroBo shareholders. NeuroBo Pharmaceuticals and Ana Therapeutics entered into stockholder support agreements with certain stockholders of NeuroBo to vote in favor of the transaction. Hwan Kim of Sheppard, Mullin, Richter & Hampton LLP acted as legal advisor to NeuroBo Pharmaceuticals. David Johanson, Deepa Rich, Dan Karelitz, Grace Wirth, Leslie Nash. Owen Remeika, Ruowen Li, Christina Bouchot, Koray Bulut, Julie Tibbets, Crescent Moran Chasteen, Steven Feldstein, Jim Mattus, Kara Kuritz, Scott Zilora, Sam Zucker and Tricia Hojo of Goodwin Procter LLP acted as legal advisors to Ana Therapeutics. NeuroBo Pharmaceuticals, Inc. (NasdaqCM:NRBO) completed the acquisition of Ana Therapeutics Inc. on December 31, 2020.