EyeGate Pharmaceuticals (EYEG) - Get Report skyrocketed Tuesday after the biotech named Brian Strem as president and CEO, while announcing it had signed a non-binding letter of intent to acquire specialty pharmaceutical company Bayon Therapeutics.
Shares of the Waltham, Mass., company were soaring 112.5% to $6.63 on Tuesday.
Strem, whose appointment is effective immediately, is the co-founder, director and former CEO of Okogen as well as co-founder and managing director of Bayon Therapeutics.
EyeGate and Bayon intend to negotiate and enter into a definitive agreement in which EyeGate would acquire Bayon for closing consideration of 50,000 shares of the company’s common stock, and potential earnout consideration of up to about $7.1 million, or 2.2 million shares of the company’s stock.
https://www.thestreet.com/investing/eyegate-pharmaceuticals-eyeg-ceo-bayon-acquisition
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