Purple Biotech expands pipeline with M&A deal

Israel-based clinical-stage company Purple Biotech (TASE/Nasdaq: PPBT) saw its shares gains 9.5% to 61.00 shekels today, as announced that it has entered into an agreement to acquire Netherlands-headquartered, venture capital backed Immunorizon, which is developing potential multi-specific T and NK cell engager oncology therapies that selectively activate the immune response within the tumor microenvironment.

The acquisition will provide Purple Biotech with an expanded portfolio of investigational tri-specific antibody compounds that target multiple antigens and offer the potential to further expand to additional targets.

The news comes just a month after Purple Biotech acquired rights to early-stage oncology product candidates owned by Mor Research Applications, the technology transfer subsidiary of Clalit Healthcare Services (Clalit).