Nuvation Bio rises on deal to become commercial organization by 2025

Nuvation Bio

26/03/2024 14:59

** Drug developer Nuvation Bio's  NUVB.N  shares rise 20% to
$2.69 
    ** Co late on Monday said that it had agreed to buy private
cancer therapy developer AnHeart Therapeutics in an all-stock
transaction
    ** Following the closing of the deal, the former
shareholders of AnHeart will own about 33% of the merged co and
shareholders of Nuvation Bio will own about 67% 
    ** The deal will give co the potential to become a
commercial organization by the end of 2025
    ** As part of the deal, co will gain access to two of
AnHeart's cancer therapies, one of which could receive approval
as early as 2025   
    ** The deal for about $270 million looks promising as it
provides NUVB two potentially best-in-class drugs, said BTIG
analysts 
     ** The deal is expected to close in second quarter of 2024,
co said 
    ** Including session moves, stock up 78.8% YTD 

 (Reporting by Sneha S K in Bengaluru)
 ((Sneha.SK@thomsonreuters.com;))