FSTX - F-star Therapeutics rebounds as merger deadline extends again

• Following a ~40% decline in the previous session, shares of the U.K.-based biotech F-star Therapeutics ( NASDAQ: FSTX ) surged ~43% on Friday as investors reacted to an announcement on an extension to close the company's merger agreement with invoX Pharma.
• In June, U.K.-based invoX Pharma, a unit of China's Sino Biopharmaceutical Limited ( OTCPK:SBHMY ) ( OTCPK:SBMFF ), agreed to acquire F-star ( FSTX ) for $161M cash in a deal expected to close in H2 2022.
• However, amid scrutiny from the U.S. regulatory watchdog, the Committee on Foreign Investment (CFIUS), the parties have subsequently amended its terms several times to extend the timeline to close the deal.
• The latest amendment on December 30 extends the end of the merger agreement to January 31, 2023, from December 30, 2022, the companies said in a regulatory filing on Friday.
• The companies explained that the amendment allows them to address the regulatory concerns in light of the recent interim order CFIUS issued against the transaction.

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