Portage Biotech Stock More Than Doubles On Immunova Deal Potential: Retail Sees Big Opportunity
Under the terms of a proposed deal, Immunova, or its affiliate, would acquire the entire share capital of Portage subsidiary iOx Therapeutics.
FollowShares of Portage Biotech Inc. surged more than 150% on Tuesday morning, reaching levels last seen in late September.
The rally follows news that the clinical-stage immuno-oncology company has entered into a letter of intent with Immunova, a biotech firm, to negotiate a potential deal involving Portage subsidiary iOx Therapeutics.
Under the terms of the proposed deal, Immunova, or its affiliate, would acquire the entire share capital of iOx Therapeutics, a company focused on developing liposomal iNKT agonists.
iOx’s lead candidate, PORT-2, has shown promising preliminary clinical results, the companies said in a joint statement.
While the financial terms of the agreement were not disclosed, the deal could significantly impact both companies’ pipelines.
Brian Horsburgh, PhD, CEO of Immunova, said: “We are delighted to continue our collaboration with Portage and potentially add the iOx assets to our own pipeline, creating a clinical-stage biotech company focused on lipid drugs and delivery systems that empower immune cells to better fight disease.”
On Stocktwits, Portage Biotech shares were among the top 10 trending symbols by 10 AM ET.
A poll on the platform revealed that 42% of retail investors believe the stock will end the week above $12, implying a more than 40% surge from current levels.
Despite the recent rally, Portage stock has lost nearly 80% year-to-date.
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