AlloVir, Inc. has announced a transformational all-stock reverse merger with Kalaris Therapeutics, which is expected to create a new entity focused on retinal diseases. Under the terms of the merger, Kalaris investors will own 75% of the combined company, while AlloVir shareholders will hold 25%. The merger is anticipated to close in the first quarter of 2025 and will provide approximately $100 million in cash, which is expected to fund operations until the fourth quarter of 2026. Following the announcement, several law firms have initiated investigations to determine if the merger is fair to AlloVir's shareholders, with concerns raised regarding the adequacy of the price and process involved in the transaction.