In the current market session, a notable surge of 26.89% has been observed in the shares of Nuvation Bio Inc. (NYSE: NUVB), reaching a value of $2.86 per share. This abrupt escalation ensued subsequent to yesterday’s declaration of an acquisition, which has served as a significant impetus for the noteworthy escalation in NUVB shares.
Nuvation Bio (NUVB) and AnHeart Therapeutics Ltd. have today disclosed that they have engaged in a definitive accord for Nuvation Bio’s acquisition of AnHeart through an all-stock transaction.
Following the finalization of the Acquisition, the antecedent shareholders of AnHeart are anticipated to possess approximately 33%, while the extant stakeholders of Nuvation Bio are expected to retain roughly 67% of the company.
This Acquisition is poised to position Nuvation Bio as a globally recognized late-stage oncology enterprise, boasting multiple programs in clinical progression. The anticipated closure of the Acquisition by Nuvation Bio is scheduled for the second quarter of 2024.
This transaction signifies a momentous achievement and mirrors Nuvation Bio’s unwavering dedication to devising treatments for patients grappling with the most formidable cancer variants.
AnHeart’s principal asset, taletrectinib, which will ascend as NUVB’s primary asset upon conclusion of two pivotal studies, is a distinctive, next-generation ROS1 inhibitor presenting a potentially superior profile that may surmount the substantial constraints of existing therapies.
Nuvation Bio will persist under the stewardship of its current executive cadre, spearheaded by David Hung, M.D., its Founder, Chief Executive Officer, and President. Furthermore, it anticipates the integration of AnHeart’s personnel from China and the United States into the Nuvation Bio workforce.
Subsequent to the formalization of the Acquisition, Min Cui, Ph.D., Founder and Managing Director of Decheng Capital, an investor in AnHeart, alongside Junyuan Jerry Wang, Ph.D., Co-Founder and Chief Executive Officer of AnHeart, will assume positions on the Nuvation Bio board of directors.
Approximately 90% of AnHeart’s outstanding shares have been encumbered by voting agreements, obliging the shareholders to, among other provisions, cast affirmative votes in favor of the Acquisition.
