OS Therapies (OSTX) said Wednesday it agreed to acquire Ayala Pharmaceuticals' listeria monocytogenes-based immuno-oncology programs and related intellectual property assets.
OS Therapies said it agreed to pay $500,000 in cash and issue $7.5 million worth of its common shares to Ayala under the deal, which is expected to close 60 days from the agreement's execution.
The asset purchase deal includes a phase 2 lung cancer and phase 1 prostate cancer program, on top of gaining direct ownership of the underlying IP related to OS Therapies' OST-HER2 for osteosarcoma and other HER2-related indications, the company said.
Shares of OS Therapies rose 9.3% in recent Wednesday trading.
Price: 2.84, Change: +0.24, Percent Change: +9.27
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