Virios Therapeutics and Wex Pharmaceuticals merge to form Dogwood Therapeutics

Company

Virios Therapeutics, Inc.

Law Firm / Organization
Orrick Herrington & Sutcliffe LLP

Company

Wex Pharmaceuticals

Law Firm / Organization
Goodwin Procter LLP

Company

CK Life Sciences Int’l.

Law Firm / Organization
Goodwin Procter LLP

On October 7, 2024, Virios Therapeutics, Inc. (NASDAQ: VIRI) announced its merger with Wex Pharmaceuticals, a subsidiary of CK Life Sciences Int’l., in a $105 million all-stock transaction (approximately 143 million CAD). The deal closed on October 9, 2024, forming Dogwood Therapeutics, Inc. (NASDAQ: DWTX), focused on developing therapies for chemotherapy-induced neuropathic pain, fibromyalgia, and Long-COVID.

The transaction included a $19.5 million financing (about 26.6 million CAD) from a CKLS affiliate, with $16.5 million (22.4 million CAD) funded at closing and $3 million (4.1 million CAD) in Q1 2025. A 25-for-1 reverse stock split was executed, and Dogwood began trading under the symbol "DWTX" on October 9.

Tungsten Advisors served as financial advisor to Virios, with Orrick, Herrington & Sutcliffe LLP providing legal counsel. Goodwin Procter LLP represented CKLS.

Merger & Acquisition
Healthcare
$ 143,000,000
Closed
09 October 2024