07:31 AM EST, 12/18/2024 (MT Newswires) -- Cara Therapeutics ( CARA ) and Tvardi Therapeutics said Wednesday they have signed an agreement to merge in an all-stock deal.

Under the terms of the agreement, Tvardi will merge with a subsidiary of Cara Therapeutics ( CARA ). When the merger closes, Cara Therapeutics ( CARA ) shareholders will own approximately 17% of the combined company while Tvardi Therapeutics' investors are expected to own the remaining 83%.

Financial terms were not disclosed.

Upon deal completion, the combined company is expected to operate under the name Tvardi Therapeutics and trade on Nasdaq under the ticker symbol, "TVRD."