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.
Biotechnology company Novus Therapeutics (NASDAQ: NVUS) yesterday announced it completed the acquisition of Anelixis Therapeutics, sending its stock skyrocketing.
The deal is a stock-for-stock transaction that will see all of Anelixis’ outstanding equity interests exchanged in a merger for a combination of Novus common stock and ordinary shares.
Novus has had to enter into definitive agreements for PIPE investment with existing and new investors to raise around $108 million which will be used to fund the company’s operations which includes advancing its AT-1501 Phase 2 clinical trials.
“We are excited about AT-1501 and the potential to develop and commercialize the next generation anti-CD40L antibody, a well-validated target with broad therapeutic possibilities,” commented Keith A. Katkin, Chairman of the Board of Directors at Novus.
David Alexandre C.Gros MD has been appointed Anelixis’ chief executive.
“Through this acquisition and financing, we now have the scientific, organizational and financial resources to build upon a deep historical understanding of the CD40/CD40L pathway, as well as Anelixis’ preclinical and Phase 1 data, to address the needs of people undergoing organ or cellular transplantation, or living with autoimmune and neurodegenerative diseases,” said Gros.
Novus share price…
The announcement saw Novus’ stock price explode higher post and premarket. It is currently trading at $0.84 per share, up 121% ahead of the US market open.
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