Following the announcement of a major business combination, TenX Keane Acquisition (NASDAQ: TENK) has seen a notable increase in its stock value. As of the latest market update, shares have risen by 26.49%, reaching $15.57.
Shareholder Approval and Upcoming Merger
At a special general meeting on August 2, 2024, TenX Keane (TENK) shareholders approved the planned merger with Citius Pharmaceuticals, Inc.’s oncology unit. As a consequence of this agreement, Citius Oncology, Inc. will be established as a new public company and will keep its Nasdaq stock exchange listing.
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Sponsored
Through this transaction, Citius Pharmaceuticals, a biopharmaceutical company that specializes in critical care products, hopes to promote its innovative cancer medicines. The recently established Citius cancer is presently pursuing FDA clearance for LYMPHIR, a medicine meant to treat recurrent or persistent cutaneous T-cell lymphoma (CTCL).
The company’s primary focus will be on developing and commercializing targeted cancer therapies. Management projects an initial market potential for LYMPHIR exceeding $400 million, with significant growth prospects and limited competition from existing therapies.
Details of the Transaction
The boards of directors of TenX, Citius Pharmaceuticals, and its oncology subsidiary have all unanimously approved the combination. The merger is anticipated to close in the upcoming weeks, subject to the satisfaction of a few customary and contractual closing requirements.
Through the acquisition, LYMPHIR’s commercialization will be facilitated, access to public stock markets will be improved for Citius cancer, and more cancer options can be explored. As per the deal, TenX will merge with Citius Pharma to form a new business called Citius Oncology, Inc., and TenX will purchase Citius Pharma’s subsidiary.
In this transaction, all shares of the Citius Pharma subsidiary will be exchanged for common stock in Citius Oncology. Post-merger, Citius Pharma will hold approximately 65.6 million shares of Citius Oncology, representing roughly 90% of the new entity. Additionally, Citius Pharma will contribute up to $10 million in cash and transfer 12.75 million existing options to Citius Oncology.
