Immunome leaps on news of Phase III asset buy
US clinical-stage biotech Immunome (Nasdaq: IMNM) saw its shares close up 37% at $23.11, after it announced a deal to acquire rights to an investigational Phase III drug for desmoid tumors.
Immunome yesterday disclosed it has entered into a definitive asset purchase agreement with Ayala Pharmaceuticals (OTCQX: ADXS) to acquire the latter’s AL102 and related drug candidate AL101. Ayala’s shares leapt 40% to $1.31yesterday, but were down more than 15% at $1.12 pre-market today.
Based on the terms of the agreement, Immunome will pay Ayala $20 million in cash and $30 million in Immunome common stock (valued at 30-day VWAP as of February 1, 2024) at the closing and will pay up to an additional $37.5 million in development and commercial milestone payments.
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