Apexigen rises on buyout deal with Pyxis Oncology
24/05/2023 12:39
** Shares of cancer therapy developer Apexigen Inc APGN.O
rise 41.28% to $0.56 premarket, among top pct. gainers across
U.S. exchanges
** Cancer drug developer Pyxis Oncology PYXS.O to acquire
Apexigen in a deal for ~$16 million
** PYXS will acquire APGN in an all-stock transaction for an
implied value of $0.64 per APGN share
** The per-share price is 60% higher than APGN's last close
of $0.40
** Upon closing of the business combination, APGN will
become a wholly owned subsidiary of Pyxis Oncology
** PYXS' current stockholders will own ~90% of the
combined co while and APGN stockholders will own ~10%
** PYXS shares down 3.22% to $3.61 premarket
** Up to last close, APGN stock down ~41% YTD
(Reporting by Sriparna Roy in Bengaluru)
((Sriparna.Roy@thomsonreuters.com;))
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