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Clinical-stage biopharma Arsanis, Inc. (NASDAQ:ASNS) conducts research and develops applications for monoclonal antibody immunotherapies. These developments address an array of serious infectious diseases and types of cancer.
What Happened
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Arsanis announced its entrance into a definitive merger agreement with X4 Pharmaceuticals in a Wednesday press release. X4 Pharmaceuticals will merge with a subsidiary of Arsanis through an all-stock transaction.
“The merger would result in a combined company operating under the X4 Pharmaceuticals name that will focus on the development and commercialization of X4's lead product candidate, X4P-001, and the advancement of X4's pipeline of treatments for rare diseases of the immune system and rare cancers."
Why It’s Important
X4 Pharmaceutics will receive supplementary resources, additional management and improved clinical development and research from the deal, according to the press release.
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“We believe this merger has the potential to be a transformative transaction for X4 that would position us well as we embark on the initiation of our global Phase 3 program and develop commercialization plans in WHIM syndrome and as we further develop our pipeline for other rare disease indications,” said President and CEO Paula Ragan.
What’s Next
The merger allows for the expansion of investment opportunities and the retention of the teams’ regulatory staff, according to the press release.
"Following an extensive review of strategic alternatives, we believe the proposed merger with X4 Pharmaceuticals would provide Arsanis stockholders the opportunity to potentially realize value as X4 continues to execute on its promising new approach to rare disease and cancer therapy via the CXCR4 immune pathway,” said Arsanis President and CEO Michael Gray.
Arsanis shares were plunging 25.73 percent to $3.06 at the time of publication Wednesday.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.