Ayala Pharma jumps after merger deal with Advaxis

Ayala Pharmaceuticals

19/10/2022 12:59

** Drug developer Ayala Pharmaceuticals Inc  AYLA.O  jumps
14.1% to $1.04 in premarket trade
    ** Set for best day in nearly two months if gains hold
    ** AYLA says it will merge with biotech co Advaxis Inc
 ADXS.PK , AYLA and ADXS stockholders will own about 62.5% and
37.5% of the merged co, respectively  urn:newsml:reuters.com:*:nGNX11SdLW
    ** Combined co will mainly focus on AYLA's lead product
candidate, AL102, which targets a rare type of tumors
    ** It will also focus on ADXS' ADXS-504, being developed to
treat prostate cancer
    ** AYLA stock had fallen 89.3% YTD through last close, while
ADXS was down 82.5%
 (Reporting by Ruhi Soni in Bengaluru)
 ((Ruhi.Soni@thomsonreuters.com
Twitter: https://twitter.com/ruhithere))