Cizzle Biotechnology PLC and Vela Technologies PLC on Tuesday noted that blank-check special purpose acquisition company Murphy Canyon Acquisition Corp will hold a special meeting on September 7.
The companies said the special meeting is regarding Murphy’s planned acquisition of an economic interest in AZD1656 from Vela for £4.0 million.
Further, the meeting is regarding Murphy’s planned business combination with Conduit Pharmaceuticals, an autoimmune-disease focused clinical stage specialty biopharmaceutical company to which Cizzle Biotechnology aims to sell its 5% economic interest in AZD1656 for £3.3 million.
Covid therapy AZD1656 was originally developed by AstraZeneca PLC. In August 2019, clinical trials-focused charity St George Street Capital Ltd acquired the right to develop and commercialise two assets from a major global pharmaceutical company, one of which includes the licence to a drug that could be beneficial to diabetic patients suffering with Covid-19.
Vela paid £2.4 million for an 8% economic interest in this asset in October 2020, which Murphy aims to buy for £4.0 million.
In December, Cizzle Biotechnology said it is in the process of selling a 5% economic interest in the commercialisation of AZD1656 to Conduit Pharmaceuticals for £3.3 million, to be satisfied in shares. Murphy seeks to merge with Conduit Pharmaceuticals.
Executive Chair Allan Syms on Tuesday said: ‘We are very pleased to see that Murphy has received the notice of effectiveness from the Securities & Exchange Commission, which will allow, subject to their shareholder approval, the merger between Murphy and Conduit to complete and Conduit to become a publicly traded company on NASDAQ.’
Cizzle Biotechnology shares rose 2.2% on Tuesday morning in London to 1.94 pence per share, while Vela Technologies shares were flat at 0.019 pence each.
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