CRTX - Cortexyme agrees to acquire biotech company Novosteo

Cortexyme (NASDAQ:CRTX) has agreed to acquire privately-held biotech company Novosteo. Financial terms of the deal were not disclosed. The transaction, which has been approved by the boards of directors of both companies, is expected to close within the next 30 days. Upon deal closing, Novosteo stockholders will own ~15.5% of the combined company. Novosteo offers targeted therapeutics to treat rare skeletal diseases, bone cancer and injury. The acquisition expands Cortexyme's drug development pipeline into rare disease indications with the addition of NOV004. NOV004 is a bone targeting molecule designed to accelerate fracture repair, including in patients with osteogenesis imperfecta The deal also strengthens leadership team with appointment of Novosteo executives Dirk Thye as CEO and Karen Smith as CMO of combined company. Thye and Philip Low, a current director of Novosteo, will also join the company's board of directors as part of the transaction. In other news, the company is

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Cortexyme agrees to acquire biotech company Novosteo