Melinta goes public by acquiring majority of Cempra

Melinta Therapeutics Inc. (New Haven, Conn.) has found a path to becoming public by acquiring a majority stake of fellow infectious company Cempra Inc. (NASDAQ:CEMP). The combined company will retain Melinta's name and will be listed on NASDAQ.

Melinta shareholders will own approximately 52% of the combined company; Cempra shareholders will own the remainder. Cempra and Melinta will each appoint four members to the new company's board of directors, and Melinta will also appoint the chairman. Cempra and Melinta will work together through a joint selection committee to identify the new CEO. The deal is expected to close next quarter...