BTX - Brooklyn Immunotherapeutics shares surge on $125M Novellus Therapeutics deal

Brooklyn ImmunoTherapeutics (BTX) has executed a non-binding letter of intent (“LOI”) to acquire Novellus Therapeutics in a cash and stock deal valued at $125M.Brooklyn shares were up more than 18% during premarket trading.The deal to acquire all of the outstanding equity of Novellus will consist of $17.4M in cash and $107.6M in Brooklyn shares.Brooklyn currently has over $43M of cash on its balance sheet to fund the cash component of the transaction.The deal would relieve Brooklyn from the obligation to pay Novellus a set of upfront fees, clinical development milestone fees and post-registration royalties under the license agreement.Brooklyn shares have lost more than half their value in the last one month.

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Brooklyn Immunotherapeutics shares surge on $125M Novellus Therapeutics deal