NEW YORK, NY / ACCESSWIRE / October 24, 2018 / Biotech stocks CASI Pharmaceuticals and Therapix Biosciences were both seeing big gains on acquisition news. CASI has acquired a U.S. FDA-approved abbreviated new drug application (ANDA) from Laurus Labs Limited while Therapix is being acquired by FSD Pharma.
CASI Pharmaceuticals, Inc. shares closed up nearly 21% on Tuesday with about 2.3 million shares traded. The Chinese pharmaceutical company jumped on the news that it has acquired a U.S. FDA-approved abbreviated new drug application (ANDA) from Laurus Labs Limited. The drug, tenofovir disoproxil fumarate (TDF), is indicated for the treatment of hepatitis B virus (HBV). CASI will make certain upfront and milestone payments in different phases. Wei-Wu He, Ph.D., CASI's Executive Chairman commented, "The acquisition of this ANDA from Laurus enhances our robust and emergent pipeline and is consistent with our broader mission to commercialize U.S. FDA approved drugs in China. The regulatory landscape in China is rapidly evolving to provide patients with quicker and more affordable access to high-quality medicines and we believe CASI is well positioned with infrastructure and leadership to launch products from our ANDA portfolio rapidly and efficiently." The company is also preparing for the commercial launch of Evomela in China, a blood cancer treatment under priority review at the China Food and Drug Administration.
Therapix Biosciences Ltd. shares closed up 22.17% on Tuesday with nearly 3 million shares traded. The stock was jumping after it was announced that FSD Pharma Inc. (OTC: FSDDF ), a Canada-based licensed producer of marijuana will be acquiring the Israel-based specialty clinical-stage pharmaceutical company that focuses on cannabinoid pharmaceuticals. As part of the agreement, Therapix Biosciences investors will receive $48 million worth of FSD Pharma stock. According to the joint press release, the merger is aimed to " cFSD Pharma's medical and recreational products with Therapix's differentiated medical and pharmaceutical brands," and "combine highly competent scientific and business leadership teams." The merger is also to give "FSD Pharma better access to international capital markets," and "support Therapix's proprietary IP, related technology and assets advance clinical stages." Chairman of Therapix, Prof. Raphael Mechoulam, stated, "I hope this proposed transaction will help unlock the full potential of the endocannabinoid system within the human body in enhancing quality of life and improving treatment outcomes."
Our Actionable Research on CASI Pharmaceuticals, Inc. (NASDAQ: CASI) and Therapix Biosciences Ltd. (NASDAQ: TRPX) can be downloaded free of charge at Research Driven Investing.
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