Biotech Soars On Acquisition Announcement

Biotech Soars On Acquisition Announcement

By: Dylan Sikes – News

Wednesday, May 24, 2023

Acquisitions are always an exciting time, especially when one (or both) parties involved are publicly traded entities. That’s exactly what happened on Wednesday after it was announced that Pyxis Oncology Inc. (Nasdaq:PYXS) agreed to acquire Apexigen Inc.(Nasdaq:APGN) in an all-stock transaction.

This sent shares of Apexigen soaring on Wednesday, with shares of the California-based biotech reaching up to $0.628/share (+57.12%) at the session high. This move was a breath of fresh air for long term shareholders that have been riding te multi-month downtrend.

Apexigen Inc is a clinical-stage biopharmaceutical company focusing on the discovery and development of innovative antibody-based therapeutics for the treatment of cancer with a focus on immuno-oncology. The company's pipeline of immuno-oncology therapeutic candidates is led by sotigalimab, which is in clinical development, and also includes several preclinical stage immune-oncology programs.

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