Biotech Values

[DewDiligence]

ADXS reverse-merges with—(private)—Biosight Ltd:

https://www.globenewswire.com/news-release/2023/07/27/2712158/0/en/Ayala-Pharmaceuticals-and-Biosight-Enter-into-Definitive-Merger-Agreement.html

Under the terms of the merger agreement, upon completion of the merger, ownership of the combined company will be split, with 55% ownership going to Biosight stockholders and 45% going to Ayala stockholders.

… Biosight is a private clinical stage biotech company developing innovative therapeutics for hematological malignancies and disorders. Biosight’s lead product, aspacytarabine (BST-236), is an innovative proprietary anti-metabolite designed to address unmet medical needs by enabling high-dose chemotherapy with reduced systemic toxicity.

Although this deal is structured as a straight-up merger (i.e. the name and ticker symbol are not changing), it is functionally a reverse-merger insofar as Biosight’s shareholders will end up owning 55% of the equity in the merged company. As such, this is ADXS’ second reverse-merger in less than a year (#msg-170233693).