- Portage Biotech Inc PRTG has agreed to acquire Tarus Therapeutics, a private company developing adenosine receptor antagonists.
- Under the terms of the agreement, Portage will acquire Tarus for 2.4 million shares with the assumption of $3 million of liabilities.
- Additionally, payments of up to $32 million would be triggered upon achieving future development and sales milestones.
- As a result of the transaction, Portage acquires four assets, including:
- TT-10 (now PORT-6): An adenosine receptor type 2A inhibitor for solid tumors. Portage expects to move into a Phase 1/2 trial by the end of 2022.
- TT-4 (now PORT-7): An adenosine receptor type 2B inhibitor to treat solid tumors. Clinical development is expected to start in 2023.
- TT-53 (now PORT-8): Dual inhibitor of adenosine receptors. Portage plans to submit an IND in the near future.
- TT-3 (now PORT-9): Gut selective A2B inhibitor for gastrointestinal cancers, currently in preclinical studies.
- Concurrent with the acquisition, Portage has entered into a committed share purchase agreement for up to $30 million with Lincoln Park Capital Fund LLC, extending Portage's total cash runway into 2024.
- Price Action: PRTG shares closed higher by 2.52% at $7.72 on Wednesday.
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