Global Cord Blood Shares Rise 15% After Merger Target Gets FDA Clearance for IND
By Chris Wack
Global Cord Blood Corp. shares were up 15% to $3.42 after the company said Cellenkos Inc. recently got U.S. Food and Drug Administration clearance for its Investigational New Drug application for CK0804.
This clearance allows Cellenkos to initiate a Phase 1b, open-label study of CK0804 as an add-on therapy to ruxolitinib in patients with myelofibrosis who experience a suboptimal response to ruxolitinib.
Global Cord Blood agreed to buy biotechnology company Cellenkos in April. At closing, Global Cord will issue 125 million new shares valued at $11 a share, and pay $664 million in cash.
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(END) Dow Jones Newswires
June 17, 2022 12:34 ET (16:34 GMT)Copyright (c) 2022 Dow Jones & Company, Inc.