DanDrit Biotech USA to acquire OncoSynergy
DanDrit USA (OTCQB: DDRT) has entered into an agreement to acquire privately-held US biopharma firm OncoSynergy.
Financial terms of the deal were not disclosed. DanDrit’s share price rocketed nearly 31% to $2.03 on the news announced yesterday, giving it a market capitalization of around $20 million.
Based in San Francisco, OncoSynergy develops novel oncology drug candidates including the first-in-class FDA orphan drug designated anti-CD29 monoclonal antibody, OS2966. OS2966 is also in development as an Ebola virus entry inhibitor with multiple additional potential mechanisms of action. The acquisition is subject to certain conditions, among others the approval from DDRT's shareholders.
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