Neoleukin falls after deal to merge with genetic medicine developer

Neurogene

18/07/2023 15:49

(Updates)
    ** Shares of drug developer Neoleukin Therapeutics  NLTX.O 
fall 13.2% to $0.80
        ** Stock set for biggest one-day pct drop in over 9
months    
    ** Privately held genetic medicines company Neurogene Inc
and NLTX enter into a definitive merger agreement to combine the
companies in an all-stock transaction
    ** Upon completion of the merger, the combined company is
expected to operate under the name Neurogene Inc and trade on
the Nasdaq under the ticker symbol "NGNE" - NLTX
    ** Combined company will focus on development of Neurogene's
experimental gene therapy for a rare developmental disorder,
Rett syndrome - NLTX 
    ** The merger is expected to close in Q4 2023
    ** Says combined company is expected to have about $200 mln
of cash or cash equivalents immediately following the closing
-NLTX
    ** Including session moves, NLTX shares rose ~57% YTD

 (Reporting by Mariam Sunny in Bengaluru)
 ((Mariam.ESunny@thomsonreuters.com;))