Innovate Biopharmaceuticals to merge with RDD Pharma.

Innovate Biopharmaceuticals, a clinical stage biotechnology company, agreed to merge with RDD Pharma, a privately held biopharmaceutical company focused on orphan and innovative therapies for gastrointestinal disorders. Financial terms were not disclosed. "The merger of Innovate and RDD to create 9 Meters Biopharma represents a bold new chapter in drug development for GI diseases and is a transformative deal for Innovate shareholders with tremendous benefits. The merger attracts a highly seasoned board and management team led by a proven CEO, fundamentally driven healthcare-dedicated institutional investors and a shared vision to build a truly world-class platform biopharmaceutical company, which can be the partner of choice for near-term business development opportunities as well, jumpstarted with an exciting clinical pipeline," Sandeep Laumas, M.D., Executive Chairman of Innovate.