Citius Pharmaceuticals and TenX Keane Acquisition today announced a definitive agreement to combine the SPAC with Citius Pharma’s wholly owned oncology subsidiary. If approved, the merged company would list on the Nasdaq.
Upon closing Citius Pharma would receive 67.5 million shares in Citius Oncology at $10 per share and retain majority ownership of approximately 90%.
As part of the transaction, Citius Pharma will contribute $10 million in cash to Citius Oncology. An additional 12.75 million existing options will be assumed by Citius Oncology. At closing, any cash remaining in TenX’s trust account along with the cash provided by Citius Pharma will be contributed to Citius Oncology to support ongoing operations and planned commercialization efforts
The transaction is expected to close in the first half of 2024.
Citius Oncology will serve as a platform to develop and commercialize novel targeted oncology therapies. The company is seeking approval from the U.S. Food and Drug Administration (FDA) of LYMPHIR for an orphan indication in the treatment of persistent or recurrent cutaneous T-cell lymphoma (CTCL), a rare form of non-Hodgkin lymphoma. Management estimates the initial market for LYMPHIR currently exceeds $400 million.
TenX Keane raised $66 million in an IPO a year ago. Read more.
