Pieris to merge with Palvella in all-stock deal; Palvella holders to own 82%; PIPE raises $78.9M

PALVELLA THERAPEUTICS, INC.

Merger values Pieris at ~$21M and Palvella at ~$95M; pre-PIPE, Pieris stockholders hold ~18% of combined company.
PIPE financing of ~$78.9M led by BVF Partners; investors buy ~3.15M shares plus pre-funded warrants.
Each Pieris share receives one CVR entitling holders to future milestones/royalties from legacy partnered assets.
Chief Development Officer Shane Olwill to depart effective Oct 31, 2024; receives €417,800 severance.
Combined board to have 5 directors: 4 from Palvella (Kaupinen, Davis, Jenkins, Wessel), 1 from Pieris (Kiritsy).

item 1.01 item 3.02 item 5.02 item 8.01 item 9.01

Executive movements

Machine-extracted from this filing. Every card cites the SEC source. See all recent executive movements.

Departed

Shane Olwill

Senior Vice President and Chief Development Officer

PVLA · PALVELLA THERAPEUTICS, INC.

Effective: 2024-10-31
Filed: July 24, 2024, 7:59 PM ET

Pieris and Shane Olwill, Ph.D., Pieris’ Senior Vice President and Chief Development Officer, mutually agreed that in connection with the signing of the Merger Agreement, Dr. Olwill would step down effective October 31, 2024.

Key facts

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Executive change SEC 8-K Item 5.02 confidence 0.95

Shane Olwill departed as Senior Vice President and Chief Development Officer at PALVELLA THERAPEUTICS, INC..

Action: stepped down
Role: Senior Vice President and Chief Development Officer

Exact text from the filing

Pieris and Shane Olwill, Ph.D., Pieris’ Senior Vice President and Chief Development Officer, mutually agreed that in connection with the signing of the Merger Agreement, Dr. Olwill would step down effective October 31, 2024.

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PALVELLA THERAPEUTICS, INC. filing history →

Source: SEC EDGAR

accession 0001437749-24-023301

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