Lumos Pharma has announced alignment with the FDA on the final Phase III trial design for LUM-201, a treatment for children with growth hormone deficiency. Credit: New Africa/Shutterstock.

Double Point Ventures (DPV) has entered a definitive merger agreement to acquire all outstanding shares of Lumos Pharma for $38m.

The transaction also includes a non-transferable contingent value right per share, payable upon the achievement of specified milestones.

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DPV will acquire Lumos Pharma’s outstanding common stock shares for $4.25 per share payable in cash.

The company will fund the transaction from its existing cash resources, with no financing condition attached.

Lumos Pharma will continue as DPV’s indirect wholly-owned subsidiary, operating as a standalone business from its headquarters in Austin, Texas.

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The transaction, expected to close before the end of 2024, is subject to conditions including the tender of a majority of the outstanding shares of Lumos Pharma’s common stock.

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Officers, directors and shareholders holding 17.7% of Lumos Pharma’s common stock have agreed to support the merger and tender their shares.

In addition to the merger,  Lumos Pharma has announced alignment with the US Food and Drug Administration (FDA) on the final Phase III study design for LUM-201, a treatment for children with growth hormone deficiency.

The global trial will be double-blinded and placebo-controlled and is expected to begin in the second quarter of 2025.

Lumos Pharma chair and CEO Rick Hawkins said: “I wish to thank my Lumos colleagues, the endocrine community, and our investors for supporting our efforts to develop oral LUM-201 and improve the lives of children with growth hormone deficiency. I believe this transaction with DPV offers the best path forward for the further development of LUM-201.”

The CVR represents the right to receive additional cash upon achieving certain milestones related to LUM-201’s annual global net revenue up to 2037 or other transactions involving Lumos Pharma’s assets.