SYN - Synthetic Biologics to acquire VCN Biosciences for over $4M in upfront cash

Synthetic Biologics (NYSE:SYN) has added ~2.9% in the pre-market after announcing a definitive agreement to acquire VCN Biosciences, a privately owned clinical-stage immuno-oncology company based in Spain. VCN Biosciences is currently advancing an oncolytic adenovirus (OV) platform designed for intravenous delivery. The platform targets tumor triggering tumor cell death and promotion of immune cell infiltration. The company’s lead asset, VCN-01, has undergone four Phase 1 studies, including in those with pancreatic cancer, head and neck squamous cell carcinoma, and retinoblastoma. The upfront consideration for the transaction is $4.7M in cash plus the assumption of $2.4M of VCN liabilities. In addition to $70.3M of milestone payments, VCN will receive Synthetic Biologics' common stock amounting to approximately 20% of the total shares of the company’s outstanding common stock. The deal is expected to close in Q1 2022. In Q3 2021, Synthetic Biologics (SYN) reported $72.1M in cash and cash equivalents, up from $65.9m in 2020

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Synthetic Biologics to acquire VCN Biosciences for over $4M in upfront cash