Pelican to rejoin former parent

US firm Pelican Therapeutics is to rejoin the publicly traded company that it spun out from more than four years ago.

Heat Biologics (Nasdaq: HTBX) has entered into a definitive agreement with the holders of 75.5% of the outstanding capital stock of Pelican to acquire an 80% controlling interest in Pelican, in a cash and stock deal valued at about $1.5 million.

Headquartered in Austin, Texas, Pelican is a privately held immuno-oncology company focused on developing agonists to TNFRSF25, a highly differentiated and potentially “best-in-class” T cell co-stimulatory receptor.