Rafael Holdings and Rafael Pharmaceuticals Announces Executive Changes
June 21, 2021 at 04:00 pm IST
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Rafael Holdings, Inc. announced that it has entered into a merger agreement with Rafael Pharmaceuticals, Inc. The Boards of Directors of the two companies, as well as a special independent committee of the Rafael Holdings Board of Directors, have unanimously approved a merger agreement that provides for the combination of the two companies. Howard Jonas will serve as the Chairman, Ameet Mallik will serve as the Chief Executive Officer and Sanjeev Luther, the President and Chief Executive Officer of Rafael Pharmaceuticals, will join the Board of Directors of the combined company. The merged company will retain the Rafael Pharmaceuticals name and Rafael Holdings' listing on the New York Stock Exchange. Rafael Holdings and its subsidiaries currently own a majority of the outstanding stock of Rafael Pharmaceuticals and a significant stake on a fully-diluted basis.
Rafael Holdings, Inc. is a holding company with interests in clinical and early-stage pharmaceutical companies. The Company's segments include healthcare and real estate. The Company's investments include Cornerstone Pharmaceuticals, Inc., which is a cancer metabolism-based therapeutics company; LipoMedix Pharmaceuticals Ltd., which is a clinical-stage pharmaceutical company; Barer Institute Inc., which is a preclinical cancer metabolism research operation; Cyclo Therapeutics Inc., which is a clinical-stage biotechnology company dedicated to developing medicines for patients and families living with diseases through its therapeutic asset like Trappsol and Cyclo; Day Three Labs, Inc., which offers pharmaceutical-grade technology like Unlokt, and Rafael Medical Devices, LLC, which is an orthopedic-focused medical device company developing instruments to advance minimally invasive surgeries. Its real estate segment comprises of a portion of a commercial building in Israel.