ATNX - Why Athenex Stock Skyrocketed Today
Shares of Athenex (NASDAQ: ATNX) soared on Wednesday after the pharmaceutical company announced a game-changing merger. By the close of trading, Athenex's stock price was up 22.6% after rising as much as 55% earlier in the day.
Athenex reached a deal to buy Kuur Therapeutics, the leading developer of off-the-shelf CAR-NKT cell immunotherapies, for as much as $185 million.
"CAR-NKT cells offer a distinct set of advantages over other immune effector cells commonly used for cell therapy," Kuur CEO Kevin Boyle said in a press release. "We are excited that the leadership at Athenex recognizes the significant potential of this approach to provide effective treatment options for patients with both solid and hematological tumors."
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Why Athenex Stock Skyrocketed Today