Shearman And Sterling

News January 06, 2021

NantKwest and ImmunityBio Merger

Shearman & Sterling acted as legal counsel to Barclays Capital Inc. for its role as financial advisor to the Special Committee of the NantKwest board of directors in connection with the merger of NantKwest and ImmunityBio. 

Expected to close in the first half of 2021, the transaction is structured as a tax-free 100% stock-for-stock merger. 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. Upon completion of the transaction, on a fully diluted basis, ImmunityBio shareholders will own approximately 72% of the combined company and NantKwest shareholders will own approximately 28% of the combined company, on a fully diluted basis.

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