Published on 20 Jul 2022 on Benzinga via Yahoo Finance
Portage Biotech Shares Gain On Buying Outstanding Minority Interest In iNKT Platform
Portage Biotech Inc (NASDAQ: PRTG) acquired the remaining 22% stake in its invariant natural killer T cell (iNKT agonist) platform and now wholly owns the worldwide rights to its small molecule iNKT agonists, including lead programs PORT-2 and PORT-3.The platform was acquired through Portage's iOx Therapeutics Ltd. subsidiary from the founding equity holders for 1.07 million Portage shares.Additionally, a payment of $25 million would be triggered upon achieving a certain clinical milestone in the PORT-2 or PORT-3 programs.Tarus acquisition is highly favorable for Portage's long-term prospects, even though HC Wainwright did not factor any revenue from these assets into the valuation.Related: Portage Biotech Bolsters Pipeline With Acquisition Of Four Adenosine Pathway-Targeting Candidates.The company expects preliminary data from these programs by the end of 2022 and early 2023, respectively.HC Wainwright says that it has solely modeled sales of PORT-2 in melanoma, starting in 2025, equivalent to peak sales of $270 million by 2035.Price Action: PRTG shares are up 5.28% at $9.87 during the market session on the last check Wednesday.
See more from Benzinga