Repare Therapeutics (RPTX) added ~20% in the premarket on Wednesday after the company announced an asset purchase agreement to sell its experimental cancer therapy RP-3467 to Gilead (GILD) in a deal worth up to $30M.
According to the terms, the Canadian biotech, which is being acquired by XenoTherapeutics for $1.82 per share in cash, will receive up to $25 million upfront, plus $5 million in additional payments from Gilead (GILD), subject to the completion of certain technology transfer activities.
The company added that the upfront payment will impact its closing net cash amount, and as a result, under its M&A deal with Xeno, each Repare (RPTX) shareholder will receive approximately $2.20 per share in cash upon closing.
Repare is currently conducting its POLAR Phase 1 trial to evaluate the safety and pharmacological properties of RP-3467 in multiple tumors in combination with olaparib, a cancer therapy marketed by AstraZeneca (AZN) and Merck (MRK) as Lynparza.
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