Aditxt, Inc. (NASDAQ: ADTX) is observing a notable surge of 25.47% in its shares during the current session, escalating to a price of $3.99. This significant increase in ADTX shares within the US market can be directly attributed to the disclosure of an acquisition agreement.
Aditxt (ADTX) officially stated today that it has reached a formal arrangement agreement to acquire Appili Therapeutics Inc. is a biopharmaceutical company that emphasis on developing drugs for infectious illnesses and medical countermeasures.
Adivir, Inc., Aditxt's wholly owned subsidiary, has agreed to purchase all of Appili's issued and outstanding Class A common shares under a court-approved plan of arrangement under the Canada Business Corporations Act.
The FDA-approved LIKMEZ (formerly ATI-1501), the ATI-1701 biodefense program supported by a USD $14 million non-dilutive award from the US Department of Defense, and ATI-1801, a topical formulation aimed at cutaneous leishmaniasis—a crippling disease that causes pain and disfigurement—are just a few of the varied portfolio items that Appili has developed since its establishment in 2015.
This acquisition will enrich Aditxt's array of subsidiaries and foster synergies with its existing initiatives, notably in precision diagnostics. The amalgamation of Appili's proficiency and product lines will facilitate a holistic approach to public health, encompassing early detection, prevention, and treatment. Collaborative opportunities within the Aditxt ecosystem promise to streamline patient care, from early detection through precise diagnostics to tailored treatment strategies.
The incorporation of Appili into Aditxt's framework signifies another stride in advancing promising health innovations. With the integration of Appili's proven track record and broad portfolio in biodefense and infectious illnesses, Aditxt is well-positioned to have a substantial impact on the development of public health solutions.
Under the Canada Business Corporations Act, the Transaction will take place through a plan of arrangement that has been approved by the court. Adivir will purchase all issued and outstanding Appili Shares in accordance with the provisions of the Arrangement Agreement, and each Appili Shareholder will receive US$0.0467 for each Appili Share held in addition to 0.002745004 of a share of Aditxt's common stock.
The Transaction is contingent upon the approval of at least two-thirds of the votes cast at the special meeting of the Appili Shareholders, projected to convene before the conclusion of calendar Q2 2024 for approval of the Transaction.