Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of Athenex (NASDAQ: ATNX) are rallying premarket on Wednesday after the company said it has acquired Kuur Therapeutics Inc for $185 million.
The total consideration will comprise $70 million upfront, primarily in Athenex common stock, and $115 million in development milestones.
Athenex's share price is trading 45.8% higher premarket at $5.41 following Tuesday evenings announcement. Its stock price is down 66.46% for the year to date.
Biopharmaceutical company, Athenex, said Kuur's “transformative, leading allogeneic NKT cell platform technology expands Athenex’s cell therapy development capability”. The platform has broad applications, including targeting haematological and solid cancers.
“We are excited to add Kuur Therapeutics and its innovative allogeneic CAR-NKT technology to the Athenex platform,” said Dr Johnson Lau, Chief Executive Officer of Athenex.
“Kuur’s innovative technology, combined with our TCR program, could propel us into a leadership position in cell therapy. This platform also has the potential to provide synergies with other assets in our pipeline,” he added.
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