ACST - Acasti inks deal for Grace Therapeutics shares surge

Acasti Pharma (ACST) shares surge 20% during premarket trading after the company entered into a definitive agreement to acquire privately held Grace Therapeutics.Under the terms of the deal, Grace will merge with a new wholly owned subsidiary of Acasti, with Grace stockholders receiving newly issued Acasti shares.Once completed, the deal will see Acasti’s securityholders own about 55% of the combined company’s shares, and Grace’s securityholders owning the remaining ~45% of shares.Grace provides Acasti with a pipeline of rare and orphan disease programs, including 3 clinical stage assets that have received Orphan Drug Designation from the FDA.The company also highlighted that it expects its lead asset to complete PK Bridging Study in early 2022, with potential to advance directly into a Phase 3 clinical safety trial for Subarachnoid Hemorrhage.The proposed transaction is expected to close in Q3 of 2021.

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Acasti inks deal for Grace Therapeutics, shares surge