Advaxis jumps on merger with Biosight

Ayala Pharmaceuticals

06/07/2021 11:23

** Shares of biotech co  ADXS.O  jump 10.2% to 52 cents
premarket
    ** ADXS and privately-held drug developer Biosight Ltd to
merge; combined co to have ~$50 mln in cash, cash equivalents
 urn:newsml:reuters.com:*:nGNXXM8T2
    ** Biosight shareholders to become majority holders of the
combined co
    ** ADXS to acquire all of the outstanding share capital of
Biosight in exchange for the issuance of newly issued shares of
ADXS common stock upon closing
    ** Combined co to prioritize the clinical advancement and
commercialization of Biosight's lead cancer treatment,
aspacytarabine (BST-236)
    ** ADXS to be renamed Biosight Therapeutics upon closing of
the deal, which is expected to occur in the 2H21; to trade on
Nasdaq under ticker symbol "BSTX"
    ** ADXS has a market capital of $68.7 mln- Refinitiv IBES
    ** ADXS up 35.4% YTD

 (Reporting by Trisha Roy in Bengaluru)
 ((Trisha.Roy@thomsonreuters.com))