Yumanity Therapeutics Announces Two Strategic Transaction Agreements
Jun 6, 2022 By MarketDepth
Yumanity Therapeutics, Inc. (Nasdaq: YMTX) today announced that it has entered into definitive agreements for two strategic transactions.
Up Over 46%
Shares of Yumanity Therapeutics, Inc. (Nasdaq: YMTX) gained over 46% during the premarket trading session following the announcement.
2 Part Agreement
As part of the first transaction,the company will sell its clinical-stage product candidate YTX-7739 as well as its unpartnered discovery-stage neuroscience product candidates and targets to Janssen Pharmaceutica NV for $26 million in cash.
“After evaluating Yumanity’s strategic alternatives, management and our Board of Directors believes that the proposed transactions are in the best interest of Yumanity’s stockholders. We are excited that our lead clinical-stage neurology asset and unpartnered assets will continue to be developed and we are very enthusiastic about Kineta’s innovative oncology pipeline.”Richard Peters, President and CEO of Yumanity
Additionally, via the second transaction, Kineta, Inc., a private immuno-oncology company, will become a wholly-owned subsidiary of Yumanity in an all-stock transaction. The new company will focus on immuno-oncology and continue Yumanity’s ongoing research collaboration with Merck & Co. in amyotrophic lateral sclerosis and frontotemporal lobar dementia.
“The proposed merger with Yumanity is a unique opportunity for Kineta to build a leading public immuno-oncology focused company with a diversified pipeline of new treatments for cancer patients.”Shawn Iadonato, Ph.D., CEO of Kineta