Aditxt (NASDAQ:ADTX) stock is up on Wednesday after the biotech company announced an amended and restated merger agreement with Evofem Biosciences (OTCMKTS:EVFM).
Aditxt notes that the merger agreement was amended and restated as Evofem Biosciences has some critical needs ahead of it. That includes interim financing and substituting cash for shares of ADTX stock in the merger.
Aditxt also notes that it has acquired SOLOSEC from Lupin Limited. This grants Lupin Limited a potential of $84 million based on future milestones.
Here’s what that has to do with the Aditxt and Evofem Biosciences merger, according to ADTX co-founder, chairman and CEO Amro Albanna:
“The acquisition of SOLOSEC marks an important milestone in Evofem’s evolution. We believe that SOLOSEC is a valuable asset that diversifies Evofem’s portfolio and has the potential to accelerate its evolution into a dynamic global women’s health business that addresses significant health challenges.”
ADTX Stock: Merger Details
Aditxt and Evofem Biosciences still need to complete customary closing conditions before the deal is finalized. If all goes well, the two companies are expecting the merger to be completed by the end of September.
ADTX stock is up 71.7% as of Wednesday morning. This comes with some 9 million shares changing hands. For comparison, the company’s daily average trading volume is about 42,000 shares.
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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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
