Shares of biopharmaceutical company Apexigen (NASDAQ:APGN) are skyrocketing today after it agreed to be acquired by Pyxis Oncology (NASDAQ:PYXS) at $0.64 per share.
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The all-stock deal points to a $16 million enterprise value for APGN and Pyxis will issue around 4.4 million shares to APGN investors under the deal. Further, upon closing, APGN will become a fully owned subsidiary of PYXS with current investors in the latter owning nearly 90% of the combined entity.
Importantly, the move adds humanized antibody generation to PYXS’ Flexible Antibody Conjugation Technology (FACT) ADC toolkit and boosts its development pipeline into Phase 2 in certain solid tumor types. APGN’s Sotigalimab has demonstrated anti-cancer activity and a favorable tolerability profile in multiple tumor types.
Further, PYXS also gets its hands on the APXiMAB antibody platform with this acquisition. The deal is expected to close by the middle of this year.
After plummeting nearly 96% over the past year, APGN shares are up a massive 38% at the time of publishing today.
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