Advaxis (ADXS) has released an update to notify the public and investors about an entry into a material definitive agreement.
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Ayala Pharmaceuticals, Inc. has agreed to sell its main assets, the AL101 and AL102 programs, to Immunome, Inc. for an initial $20 million in cash and over 2 million shares, with an additional $37.5 million possible upon meeting specific milestones. The deal, subject to Ayala’s stockholder approval and other standard conditions, includes non-competition and conduct agreements for Ayala pre- and post-closing. Furthermore, Ayala is restricted from selling half of the received Immunome shares for six months and must adhere to specific conditions for any share sales within the first year. The Asset Purchase Agreement also outlines the steps for a potential dissolution plan involving the distribution of Immunome shares and milestone payment rights to Ayala’s stockholders.
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For a comprehensive understanding of the announcement, you can read the full document here.