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Pyxis Oncology (NASDAQ:PYXS) has announced an acquisition of Apexigen (NASDAQ:APGN) that is expected to be completed in the second half of 2023.
Under the terms of the agreement, Pyxis Oncology has agreed to give Apexigen $16 million in stock in exchange for APGN stock.
Pyxis Oncology is a clinical-stage oncology company focused on developing a multi-modality portfolio of next-generation therapeutics to target difficult-to-treat cancers and improve the quality of life for patients. It develops the product candidates to directly kill tumor cells and address the underlying pathologies created by cancer that enable its uncontrollable proliferation and immune evasion.
Apexigen is a clinical-stage biopharmaceutical company focused on discovering and developing a new generation of antibody therapeutics for oncology, with an emphasis on new immuno-oncology agents designed to harness the patient's immune system to combat and eradicate cancer.
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An acquisition is when one company, called the acquiring company, buys most or all of another (target) company's shares to gain ownership. Buying more than 50% of a company's stock allows the acquirer to make decisions without the approval of the company's shareholders.
An acquisition can potentially lead to a merger with the parent company. This is why the two terms are commonly grouped together as mergers and acquisitions (M&A). However, in a merger, both companies often undergo significant changes in leadership and operations. In contrast, during an acquisition, these transformations are typically less profound.
Make sure to follow our mergers & acquisitions calendar to stay-up-to-date on the most recent M&A deals.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.
