TC BioPharm (NASDAQ:TCBP) stock is rocketing higher on Monday after the clinical-stage biopharmaceutical company announced a major deal to acquire another company.
According to a press release from TC BioPharm, it intends to acquire a private biotechnology company developing Chimeric Antigen Receptor T-cell (CAR-T) therapies. This has it focused on treating refractory cancers and solid tumors.
TC BioPharm doesn’t name the company in this agreement. It also notes that it has only signed a non-binding letter of intent to acquire the firm. This marks the second such deal announced in as many months.
TC BioPharm CEO Bryan Kobel said the following about this deal:
“There are substantial synergies between the two companies with extensive benefits to the business combination including CAR development expertise as well as gamma delta and alpha beta T-cells. Our existing expertise in gamma delta T-cells as well as transitioning processes and therapeutics from autologous to allogeneic will be impactful in advancing the solid tumor assets of the acquisition, the acquired company brings strong CAR engineering expertise to help us further develop our co-stimulatory CAR as well as a strong clinical team.”
TCBP Stock Movement Today
Investors are excited about this new deal announced by TC BioPharm and that brings with it heavy trading of the shares. This has more than 32 million shares changing hands as of this writing. For the record, the daily average trading for TCBP stock is 4.7 million shares.
TCBP stock is up 51% as of Monday morning.
There are more stock market stories worth reading about below!
We have all of the hottest stock market news for Monday! Among that is why shares of Luminar (NASDAQ:LAZR), Marathon Digital (NASDAQ:MARA) and Palantir (NYSE:PLTR) stock are moving today. All of that info is ready to go at the following links!
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On the date of publication, William White did not hold (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.
