Portage Biotech expands portfolio with Tarus Therapeutics acquisition

USA-based immuno-oncology company Portage Biotech (Nasdaq: PRTG) has signed an agreement to acquire Tarus Therapeutics, a private company developing adenosine receptor antagonists.

Under the terms of the agreement, Portage will acquire Tarus in exchange for 2,425,999 PRTG shares along with the assumption of $3 million of liabilities. Additionally, payments of up to $32 million Portage shares or cash would be triggered upon achievement of future development and sales milestones.

As a result of the transaction, Portage acquires four best-in-class assets targeting different aspects of the adenosine pathway, and is now in a unique position to evaluate the role of adenosine in cancer and other diseases.