07:01 AM EST, 11/08/2024 (MT Newswires) -- AlloVir ( ALVR ) said Friday it signed a definitive agreement to merge with Kalaris Therapeutics (KLRS) in an all-stock transaction.

The combined company will take on the name of Kalaris Therapeutics and is expected to trade on Nasdaq under the ticker symbol "KLRS," AlloVir ( ALVR ) said.

It will have around $100 million in cash upon closing, AlloVir ( ALVR ) said, adding that the cash is expected to fund the combined company's operations through Q4 of 2026.

AlloVir ( ALVR ) will acquire all of Kalaris' outstanding equity interest and said its shareholders will own around 25% of the combined company when the transaction closes, while shareholders of pre-merger Kalaris will own roughly 75%.