BENGALURU: Vyome Holdings, created through the merger of biotech startup Vyome Therapeutics and Nasdaq-listed ReShape Lifesciences, began trading on Friday under the ticker HIND, with Vyome shareholders holding a controlling 91.62% stake in the combined company. The debut coincided with India’s 79th Independence Day, which the company marked by ringing the Nasdaq Opening Bell in New York.
Cofounder Shiladitya Sengupta, who is also an associate professor of medicine at Harvard Medical School, a researcher at MIT and a graduate of the All India Institute of Medical Sciences, called the listing the culmination of Vyome’s journey from New Delhi to Nasdaq as the first venture capital-funded Indian innovation pharma startup to achieve such a milestone.
Vyome, with offices in Cambridge, Massachusetts and Delhi, focuses on treatments for immuno-inflammatory and rare diseases. “Our immediate focus will be to unlock the value of our clinical stage assets that all revolve around major unmet needs in the $100 billion immuno-inflammatory market,” Sengupta said.
Under the merger terms filed with the US Securities and Exchange Commission (SEC) in December 2024, Vyome shareholders were expected to own about 91.62% of the combined company, with ReShape shareholders holding 8.38%, subject to adjustments based on ReShape’s net cash.
The merger was paired with ReShape’s agreement to sell substantially all of its assets, excluding cash, to UK-based Ninjour Health International, with Ninjour assuming most liabilities. Ninjour is affiliated with Biorad Medisys, ReShape’s partner for the Obalon Balloon system. ReShape also completed a 1-for-58 reverse stock split in September 2024 to meet Nasdaq listing standards ahead of the merger. Nasdaq deemed the deal a change of control, requiring the combined company to meet its initial listing requirements to retain trading status.
Vyome chairman Krishna Gupta said the company has no debt and intends to operate in a cost-efficient manner. “Every decision we make will be in their (shareholders’) best interests because we have no debt and because our board is smart and heavily aligned with shareholders,” he said.
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