UPDATE: Ignyta acquires four oncology R&D assets from Teva
Israel-based generics giant Teva Pharmaceutical Industries (NYSE: TEVA) says that US oncology focussed biotech firm Ignyta (Nasdaq: RXDX) has acquired the worldwide rights and assets relating to four targeted oncology development programs in exchange for 1.5 million shares (6%) of Ignyta’s common stock.
Following the announcement, Ignyta’s shares rose 5.6% to $7.92 by close of trading yesterday. In after-hours, the stock gained over 26% to $10.00.
Concurrently, Ignyta has entered into stock purchase agreements with Teva, and selected additional health care investors, whereby Teva will purchase a further 1.5 million shares of common Ignyta stock at a price of $10 per share in a registered direct offering. The other investors will buy an additional 2.7 million shares at $10 per share, valuing the total offering at around $41.6 million.
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