Renovaro BioSciences up on merger agreement with GEDi Cube

Lunai Bioworks

29/09/2023 16:02

** Biotech company Renovaro BioSciences Inc's shares
 RENB.O  rise 7.9% to $4.4 
    ** RENB and AI medtech company GEDi Cube signed a definitive
agreement to combine in a stock-for-stock acquisition
    ** With the deal, GEDi Cube will become a wholly-owned
subsidiary of Renovaro 
    ** All of GEDi Cube's outstanding equity interests will be
exchanged for shares of Renovaro common stock
    ** Following deal close, GEDi Cube equity holders are
expected to own about 50% of the combined co, subject to certain
adjustments provided for in the definitive agreement 
    ** The transaction is expected to close late in Q4 of 2023
or early 2024
    ** The combined co will offer advanced early diagnosis and
identification of recurring cancer as well as potential
therapies for pancreatic cancer, among other diseases 
    ** Including session's gain, RENB stock up 326.22% YTD

 (Reporting by Pratik Jain in Bengaluru)
 ((Pratik.Jain@thomsonreuters.com;))