FSTX - F-star Therapeutics surges on report sale to Sino Biopharma close to CFIUS approval
2023-03-07 08:20:14 ET
F-star Therapeutics ( NASDAQ: FSTX ) jumped 15% in premarket trading on a report that its sale to Sino Biopharmaceuticals ( OTCPK:SBHMY ) is set to gain approval from the Committee on Foreign Investment in the U.S.
The companies may announced the CFIUS approval as soon as Tuesday, according to traders, who cited a Bloomberg report. The agreement with CFIUS is said to include measures to protect data and early stage research.
The report comes after F-star ( FSTX ) late last month said it extended the termination date for its planned merger with invoX Pharma again as it needs additional time to "finalize" an agreement to remove CFIUS's order blocking the deal from closing. The termination deadline for the deal is Tuesday.
F-Star ( FSTX ) has extended the termination date several times as it tries to work out a mitigation agreement with CFIUS that would allow the deal to go pass.
F-star Therapeutics plunged 40% on Dec. 29 after CFIUS issued an interim order blocking its planned sale to Sino Biopharmaceutical ( OTCPK:SBHMY ).
OTCPK:SBHMY FSTX in a $161M all-cash deal in late June.For further details see:
F-star Therapeutics surges on report sale to Sino Biopharma close to CFIUS approval