Stocks to Watch: MEI Pharma, Hawaiian Electric Industries

Dow Jones10-26

By Connor Hart

MEI Pharma inked a deal valued at up to $62 million with Aardvark Therapeutics. The pharmaceutical companies entered an asset purchase agreement in which MEI sold its rights, title and interest in and to certain assets related to the company's novel drug candidate for the treatment of solid tumors, dubbed ME-344. Aardvark made an initial $500,000 cash payment and may make payments up to $62 million, payable upon the achievement of certain milestones regulatory approval and sales. MEI Pharma shares rise 28%, to $3.50, in after-hours trading.

Hawaiian Electric Industries disclosed that Ken Griffin's hedge-fund firm Citadel, and related funds, purchased a stake in the company. Citadel Advisors, Citadel Advisors Holdings and Citadel GP each own about 3.6 million shares of the utility's common stock, or about 2.2% of its total outstanding stock. Citadel Securities Group, Citadel Securities GP and Griffin also have stakes in the company. Shares rise 4.8%, to $10.22, in postmarket trading.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

October 25, 2024 18:28 ET (22:28 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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