Shares of NeuroBo Pharmaceuticals, Inc. (NRBO) are gaining about 25% on Wednesday morning after the company announced it has acquired ANA Therapeutics.
NRBO is currently trading at $6.92, up $1.35 or 24.24%, on the Nasdaq.
NeuroBo Pharmaceuticals acquired ANA Therapeutics, a privately held biotechnology company developing ANA-001, a proprietary capsule formulation of niclosamide for coronavirus indications, currently in Phase 2/3 clinical trials as a treatment for COVID-19.
The deal was unanimously approved by both the NeuroBo Pharmaceuticals' and ANA Therapeutics' Boards of Directors.
Under the terms of the acquisition agreement, ANA became a wholly-owned subsidiary of NeuroBo and ANA equity holders were issued about 3.24 million of Neurobo shares, representing 19.7% of NeuroBo's outstanding shares.
ANA shareholders will also receive additional payments in cash or NeuroBo common shares upon the achievement of various development and net sales milestones for ANA-001 and will also receive royalties based on net sales of ANA-001.
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