Portage Biotech Shares Gain On Buying Outstanding Minority Interest In iNKT Platform

  • Portage Biotech Inc PRTG acquired the remaining 22% stake in its invariant natural killer T cell (iNKT agonist) platform and now wholly owns the worldwide rights to its small molecule iNKT agonists, including lead programs PORT-2 and PORT-3. 
  • The platform was acquired through Portage's iOx Therapeutics Ltd. subsidiary from the founding equity holders for 1.07 million Portage shares. 
  • Additionally, a payment of $25 million would be triggered upon achieving a certain clinical milestone in the PORT-2 or PORT-3 programs.
  • Tarus acquisition is highly favorable for Portage's long-term prospects, even though HC Wainwright did not factor any revenue from these assets into the valuation.
  • Related: Portage Biotech Bolsters Pipeline With Acquisition Of Four Adenosine Pathway-Targeting Candidates.
  • The company expects preliminary data from these programs by the end of 2022 and early 2023, respectively. 
  • HC Wainwright says that it has solely modeled sales of PORT-2 in melanoma, starting in 2025, equivalent to peak sales of $270 million by 2035.
  • Price Action: PRTG shares are up 5.28% at $9.87 during the market session on the last check Wednesday.
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