Apexigen (APGN) has signed a definitive agreement to be acquired by Pyxis Oncology (PYXS), a company focused on developing innovative solutions for challenging cancers. The acquisition will be an all-stock transaction, with Pyxis Oncology taking over Apexigen for an implied value of $0.64 APGN per share, resulting in a total enterprise value of approximately $16 million. This acquisition is expected to close by mid-2023, and the shares of Apexigen have surged nearly 45% following the news. The same had plunged 15% year to date compared to the industry’s 7.4% decline.
Apexigen specializes in developing innovative antibody therapies for oncology using its proprietary antibody platform, APXiMAB. Its lead product candidate, sotigalimab, is in a phase II study for various cancer indications. Sotigalimab, a humanized agonist antibody, targets and activates CD40 to stimulate an anti-tumor immune response. Apexigen has discovered several preclinical and research-stage antibodies using its APXiMAB platform, having out-licensed the antibody platform to advance candidates in clinical studies for different cancer indications.
Pyxis Oncology, through its strategic acquisition of Apexigen, aims to position itself as a leader in antibody-drug conjugate (ADC) innovation by combining its flexible antibody conjugation technology ADC toolkit (acquired from Pfizer) with Apexigen’s expertise in humanized antibody generation. PYXS has a robust portfolio in discovering and developing therapies for various cancer indications.
For each share of Apexigen, Pyxis Oncology will issue 0.1725 shares of its common stock, par value $0.001 per share, for a total enterprise value of approximately $16 million.
Apexigen, Inc. Price and Consensus
Apexigen, Inc. price-consensus-chart | Apexigen, Inc. Quote
Zacks Rank and Stock to Consider
Currently, Apexigen carries a Zacks Rank #3 (Hold). A better-ranked stock in the same sector is ADMA Biologics (ADMA), carrying a Zacks Rank of #2 (Buy) at present. Loss per estimates for ADMA have narrowed from 19 cents to 9 cents for 2023 in the past 60 days. Shares of ADMA have risen 3.9% year-to-date.
ADMA Biologics’ earnings beat estimates in three of the trailing four quarters and met the mark in one, delivering an average surprise of 19.3%. To read this article on Zacks.com click here.
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