Shots:
Under the merger agreement, each outstanding share of Ayala common stock will be converted into the right to receive 0.1874 shares of common stock of Advaxis. The transaction is expected to close in Q1’23
Ayala stockholders will own ~62.5% & Advaxis stockholders will own ~37.5% of the combined company’s outstanding common stock. Advaxis will be renamed “Ayala Pharmaceuticals, Inc”
The combined company focuses on Ayala’s AL102, currently in P-II/III (RINGSIDE) study for desmoid tumors & Advaxis’s ADXS-504 for prostate cancer. The agreement will also accelerate Advaxis’s portfolio of Ayala’s gamma-secretase inhibitor, being developed as targeted therapies for rare & aggressive tumors
Ref: Globe Newswire | Image: Ayala
