Kintara Therapeutics (NASDAQ:KTRA) stock is rocketing higher on Wednesday after the biopharmaceutical company announced plans to merge with TuHURA Biosciences.
Kintara Therapeutics and TuHURA Biosciences will use an all-stock transaction to combine the two companies. This will result in the commerce company operating under the TuHURA Biosciences name and using the HURA stock ticker.
When Kintara Therapeutics and TuHURA Biosciences combine, they will focus on the development of the latter’s personalized cancer vaccines and bi-functional Antibody Drug Conjugates (ADCs).
Kintara Therapeutics CEO Robert Hoffman said the following about the deal:
“Following a thorough review and evaluation of opportunities to rebuild value for Kintara shareholders, we believe merging with TuHURA, a Phase 3 immuno-oncology company focused in two compelling areas of research, represents the best path forward for our stockholders and has the potential to deliver near and long-term value.”
How This Affects KTRA Stock
When the two companies combine, shares of KTRA will no longer trade. Instead, the merged company will switch to the HURA stock. However, it will still trade on the Nasdaq Capital Market. Investors can expect this change when the deal closes in Q3 2024.
KTRA stock is up 102.5% as of Wednesday morning, with some 113 million shares traded. That’s well above its daily average trading volume of about 11.6 million shares.
Investors will find more stock market news ready to go below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
