Innovate Biopharma: Rises on waiving some deal terms with RDD Pharma

9 Meters Biopharma

23/01/2020 14:13

** Shares of drug developer  INNT.O  jump 37% to 90 cents
premarket
    ** Stock is the fourth biggest percentage gainer across U.S.
exchanges
    ** Co enters letter of agreement to waive certain terms of
deal to acquire RDD Pharma Ltd; waived terms include resignation
of Roy Proujansky from INNT's board
    ** Deal was first announced in October and is expected to
help INNT focus on treating gastrointestinal diseases like
celiac disease    
    ** Innovate Biopharma says all other terms and conditions of
deal remain in effect
    ** Up to Wednesday's close, stock had fallen 70% over the
last year

 (Reporting by Saumya Sibi Joseph in Bengaluru)
 ((saumya.joseph@thomsonreuters.com))