Why did Apexen (APGN) stock rise 31% today?
apdemande (NASDAQ:APGN) shares rise on Wednesday after news of a deal with Pyxis oncology (NASDAQ:PYXS).
As part of this agreement, Pyxis Oncology agrees to acquire Apexigen for 0.1725 PYXS shares for each APGN share. This implies a value of 64 cents for each APGN share. That’s a 60% premium to the stock’s closing price on Tuesday. It also has an enterprise value of around $16 million.
Pyxis Oncology plans to issue 4 million PYXS shares to fund its purchase of Apexigen. When the transaction closes, current APGN shareholders will own 10% of the combined company. The remaining 90% will belong to the current shareholders of PYXS.
Xiaodong Yang, MD, Ph.D., CEO of Aexigen, had this to say about the news.
“With Pyxis Oncology’s strong cash position and commitment to the continued development of sotigalimab, we believe this transaction will significantly enhance the opportunity to effectively advance sotigalimab for patients with a variety of difficult-to-treat cancers. »
More details on the APGN share transaction
The boards of both companies have already approved the acquisition agreement. All that remains is for him to fulfill the usual closing conditions. This includes obtaining approval from shareholders and regulators. If all goes well, the two companies expect the transaction to close by mid-2023.
APGN stock is trading heavily today as some 3 million shares change hands. For comparison, its average daily trading volume is closer to 109,000 shares. APGN stock is up 31% on Wednesday morning.
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