XTL Biopharmaceuticals to acquire 85% of Beyond Air’s NeuroNOS for $32.5M

XTL Biopharmaceuticals (XTLB) announced a binding agreement to acquire 85% of NeuroNOS Ltd., a subsidiary of Beyond Air (XAIR), a biotechnology company pioneering disease-modifying therapeutics targeting the core pathophysiology of Autism Spectrum Disorder and neuro-oncology. NeuroNOS’s drug development platform is based on a proprietary family of small molecules engineered to cross the blood-brain barrier and precisely target diseases associated with nitric oxide abnormalities in the brain. Preclinical studies have demonstrated that the platform addresses core pathological mechanisms rather than merely alleviating symptoms, validated NO dysregulation has been observed in both autism patients and brain cancer patients, establishing NO regulation as a disease-modifying therapeutic target across multiple indications. The company has already secured two FDA Orphan Drug Designations for Phelan-McDermid Syndromeand Glioblastoma. These designations provide seven years of market exclusivity upon approval, tax credits for clinical trial costs, expedited regulatory review, and enhanced FDA engagement. XTL will acquire 85% of NeuroNOS for consideration including 19.9% of XTL’s issued share capital, $1M in cash, and milestone-based contingent payments totaling up to $32.5M. The milestone structure includes clinical development payments of up to $5.5 million to Beyond Air, commencing from the Phase 1 clinical trial through NDA submission to the FDA. In addition, commercial milestone payments of up to $26M are payable upon achieving product sales targets. Both Beyond Air and XTL are dedicated to bringing the NeuroNOS product for the treatment of autism to market as soon as possible. NeuroNOS, previously a subsidiary of Beyond Air, will now serve as XTL’s flagship platform for autism and neuro-oncology therapeutics.