MEI Shares Rise After Entering Asset Purchase Agreement Valued at Up to $62 Million

Dow Jones10-26

By Connor Hart

MEI Pharma inked a deal valued at up to $62 million with Aardvark Therapeutics that sent its stock 30% higher, to $3.55, in after-hours trading.

Shares, which ended Friday's regular session flat at $2.73, are down 53% since the beginning of the year.

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. The agreement includes relevant intellectual property rights, technology and contracts, MEI said in a regulatory filing.

Under the terms of the agreement, Aardvark made an initial $500,000 cash payment. The company may make payments up to $62 million, payable upon the achievement of certain milestones regulatory approval and sales.

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

(END) Dow Jones Newswires

October 25, 2024 17:54 ET (21:54 GMT)

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