Yumanity declares special dividend related to asset sale, merger with Kineta

Yumanity Therapeutics (YMTX) announced that its Board of Directors has declared a special dividend in connection with the previously announced asset sale to Janssen Pharmaceutica (JNJ) and merger with Kineta. The special dividend, which the Company estimates will be in range of $1.34 to $1.43 per share of Yumanity common stock, will be payable in cash on or before December 29, 2022, to stockholders of record at the close of business on December 15, 2022. The special dividend will be equal to the gross proceeds of the asset sale to Janssen, net of amounts used or retained for Yumanity’s outstanding obligations and minimum cash requirement associated with the closing of the merger with Kineta. Yumanity’s minimum cash requirement has been reduced from $10 million to $7.5 million as part of a recent amendment to the merger agreement. Payment of the special dividend is conditioned upon the closing of both the asset sale to Janssen and merger with Kineta, which remain subject to the approval of Yumanity’s stockholders and other closing conditions. The special meeting of Yumanity’s stockholders to consider and vote upon the asset sale and merger is scheduled for December 13, 2022.