Yumanity Therapeutics Shares Soar on Kineta Deal
June 06 2022 - 09:45AM
Dow Jones News
By Colin Kellaher
Shares of Yumanity Therapeutics Inc. jumped more than 50% on
Monday after the clinical-stage biopharmaceutical company unveiled
plans for a reverse merger with immuno-oncology company Kineta
Inc.
Yumanity said Kineta's shareholders will own about 85% of the
combined company, which will adopt the Kineta name and focus on its
cancer pipeline, along with Yumanity's 2020 research collaboration
with Merck & Co. that is potentially worth more than $500
million.
In a related move, Boston-based Yumanity said it agreed to sell
its most advanced product candidate, YTX-7739, and its unpartnered
discovery-stage neuroscience product candidates and targets to
Johnson & Johnson for $26 million in cash.
Yumanity shares have fallen sharply this year after the U.S.
Food and Drug Administration placed a partial clinical hold on
studies of YTX-7739 in the progressive nervous-system disorder
Parkinson's disease. The stock fell to as low as 95 cents in March,
well below its 52-week high of $16.89 reached last June.
Shares of Yumanity, which went public in a reverse merger with
Proteostasis Therapeutics Inc. in December 2020, were recently
changing hands at $2.14, up nearly 51%.
Write to Colin Kellaher at colin.kellaher@wsj.com
(END) Dow Jones Newswires
June 06, 2022 10:30 ET (14:30 GMT)
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