Andrii Yalanskyi
- Citius Pharmaceuticals (NASDAQ:CTXR) announced an agreement with the special purpose acquisition company (SPAC), TenX Keane Acquisition (NASDAQ:TENK), on Tuesday to merge its oncology unit with TenX to create a public company listed on Nasdaq.
- Per the terms, Citius (CTXR) is set to receive 67.5M shares in the combined entity at $10 per share and retain a majority ownership of ~90%.
- The newly formed entity named Citius Oncology will focus on developing cancer therapies, including its lead asset, Lymphir, targeted at a rare form of non-Hodgkin lymphoma called cutaneous T-cell lymphoma (CTCL).
- The company intends to resubmit a marketing application for Lymphir in early 2024 and expects its commercial availability in H2 2024 for CTCL. The deal cleared by the board of directors of both companies is set to close in H1 2024.
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