VBLT - Vascular Biogenics rises 85% on all-stock merger deal with Notable Labs

Israel-based biotech Vascular Biogenics ( NASDAQ: VBLT ), operating as VBL Therapeutics, added ~85% after the company and U.S. privately-held firm Notable Labs, Inc. announced a merger agreement to combine in an all-stock transaction.

Per the terms, Notable stockholders are expected to own ~76% of the combined company, while VBL Therapeutics ( VBLT ) shareholders will own the rest immediately after the merger.

The combined company will operate as Notable Labs, Ltd, with its shares listed on Nasdaq under the ticker symbol ‘NTBL.’ It will focus on the advancement of Notable’s proprietary Predictive Precision Medicines Platform with a pipeline targeted at cancer patients with high unmet needs

The combined company will be based in Foster City, California, and led by Notable’s current management team.

“Following an extensive process to identify the best possible partner, we are very encouraged to have arrived at this proposed merger with Notable,” Prof. Dror Harats, Chief Executive of VBL Therapeutics ( VBLT ), remarked.

The merger marks another sign of rising industry consolidation in the biotech space. On Wednesday, oncology-focused clinical-stage biotechs MEI Pharma ( MEIP ) and Infinity Pharmaceuticals ( INFI ) agreed to combine in another all-stock deal.

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