Houston biotech Aravive Biologics is going public through a reverse merger with Versartis, a Menlo Park, CA-based company whose lead drug failed a clinical trial last year.
Under the deal, Versartis and Aravive shareholders will each own about 50 percent of the combined company, according to a press release. Aravive will get Versartis’s (NASDAQ: VSAR) NASDAQ listing. Jay Shepard, Versartis’ president and CEO, lead the combined company, which will be based in Houston. The transaction is expected to close during the second half of the year, pending approval by shareholders of each company.
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