Avalo Therapeutics saw a significant boost in its shares, rising 53% to 13 cents, following the announcement of the sale of its rights, title, and interest in assets related to AVTX-801 D-galactose, AVTX-802 D-mannose, and AVTX-803 L-fucose to AUG Therapeutics.
Avalo Therapeutics' stock experienced a low point of 8 cents on Monday, marking a 97% decrease over the past 12 months.
Terms of the Deal
As part of the agreement, AUG Therapeutics will make an upfront payment of $150,000 in addition to a contingent milestone payment of $15 million for each compound. However, this milestone payment will only be triggered if the first approval by the Food and Drug Administration (FDA) is granted for an indication other than a rare pediatric disease.
Furthermore, AUG Therapeutics will also be responsible for assuming up to $150,000 of certain liabilities incurred prior to the date of the purchase agreement. Additionally, all costs related to the 800 Series will be taken over by AUG Therapeutics.
Closing of the Transaction
The transaction is scheduled to conclude in the fourth quarter of 2023.
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