Davis Polk is advising Goldman Sachs & Co. LLC and Lazard Frères & Co. LLC as financial advisers to ImmunityBio, Inc. in connection with its 100% stock-for-stock merger with NantKwest, Inc. Under the terms of the agreement, ImmunityBio shareholders will receive a fixed exchange ratio of 0.8190 shares of NantKwest for each share of ImmunityBio owned. The transaction, which is expected to close in the first half of 2021, is subject to shareholder approval by a majority of unaffiliated shareholders of NantKwest, in addition to other customary closing conditions.
ImmunityBio is a late stage immunotherapy company developing next-generation therapies that drive immunogenic mechanisms for defeating cancer and infectious disease. NantKwest is an innovative, clinical-stage, immunotherapy company focused on harnessing the power of the innate immune system to treat cancer and infectious diseases.
The Davis Polk corporate team includes partner Phillip R. Mills and associate Michael Santos. All members of the Davis Polk team are based in the New York office.