TC Biopharm (NASDAQ: TCBP) stock surged 50% in intraday trading Thursday after the company announced an acquisition to bolster its therapeutic platform.
According to a news report, TC BioPharm (TCBP) has initiated a non-binding letter of intent to acquire the proprietary manufacturing process for two allogeneic CAR-NK therapeutics. These therapies, targeting solid tumors, include CD-70 CAR NK technology and HER2 CAR-NK technology.
TC BioPharm expressed enthusiasm about the prospective acquisition, citing the compatibility of the new therapies with its current investigational therapy, TCB-008. The company also believes these therapies hold promise as standalone treatments.
Under the terms of the LOI, TC BioPharm has secured an exclusive negotiation period to pursue a definitive agreement. However, there remains uncertainty regarding the outcome and timeline of the transaction. The completion of the proposed acquisition will based on several factors, including board approval, securing adequate financing, and obtaining regulatory consent.
TC BioPharm CEO Bryan Kobel said the following about the acquisition plans:
“This proposed asset acquisition would leverage our strengths in optimizing manufacturing processes and developing new cell therapies rapidly to the clinical stage, as well as our core asset on asset base expansion and combination efforts with TCB-008. By merging complimentary technologies under one roof we believe the potential exit value of TCBP is increased.”
TC Biopharm (NASDAQ: TCBP) Stock Reaction
TCBP stock soared 50% to close at $1.95 on Thursday. The traders had exchanged hands with 87,596,886 (87.59 million) shares compared to the average daily trading volume of 3.29 million.
Edward Cooke is a financial analyst, freelance writer, and editor. He has six years of experience in financial journalism. He has an in-depth understanding of equities markets, tracking major indices and providing real-time analysis on stock price movements, corporate earnings, and market sentiment.
