(RTTNews) – Shares of Aduro Biotech, Inc. (ADRO) are gaining over 8% on Friday morning after the clinical-stage biopharmaceutical company’s stockholders approved a merger deal with Chinook Therapeutics.
ADRO is currently trading at $15.51, up down $1.21 or 8.46%, on the Nasdaq.
Following stockholder approval, the company also announced a one-for-five reverse stock split. The company’s common stock will begin trading on a split-adjusted basis on The Nasdaq Global Select Market effective Friday, October 2, 2020.
In June, Aduro Biotech agreed to merge with Chinook Therapeutics in exchange for 50% of Aduro stock.
Chinook Therapeutics is a privately held clinical-stage biotechnology company focused on the discovery, development and commercialization of precision medicines for kidney diseases.
The closing of the merger is anticipated to take place on or around October 5, 2020. Following closing of the merger, the combined company will be renamed Chinook Therapeutics and trade under the trading symbol “KDNY.”
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