mei pharma inc has struck an allstock deal to buy clinicalstage biotechnology company infinity pharmaceuticals inc creating a company with a broad product development pipeline and a combined balance sheet that is expected to fund operations through mid2025 under the terms of an agreement shareholders of mei will own about 58 of the merged company and infinitys shareholders the remaining 42 while infinity becomes a wholly owned subsidiary of the pharmaceutical company the companies said the combined company is expected to be renamed and trade on the nasdaq stock market it will be headquartered in san diego calif they said the deal has been approved by the boards of both companies and is expected to close in the middle of the year mei and infinity said the companies said they project a cash balance for the enlarged company of about 100 million which is expected to fund clinical data over the next 12 to 24 months the combined companys product development pipeline of three clinicalstage oncology drug candidates will be led by a planned new global phase 2 clinical trial evaluating eganelisib in head and neck squamous cell carcinoma they said