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Thursday, September 23, 2021

Anchiano Therapeutics Ltd (ANCN) stock soared in the after-market after the merger announcement

Anchiano Therapeutics Ltd (ANCN) stock price surged in the after-hours trading on Monday, March 15, 2021. The stock gained 76.06% in the extended trading and closed at $7.87 per share. Let us see what driven the stock value?

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ANCN held a shareholder meeting yesterday, March 15, where the shareholders approved all resolutions. The most important approval was about the ANCN merger with the Cheomab and the issuance of AnchianoAmerican Depositary Shares (ADSs) connected with the pending merger. The reverse split of Anchiano’s common shares was also approved.

The merger will form a new company with an investment of $45.5 million. It will be led by fresh and certain existing Chemomabincluding Cormorant Asset Management,OrbiMed, Peter Thiel,Christian Angermayer’sPresight Capital and Apeiron Investment Group, and other investors.

Recent ANCN news

In the recent past, the shareholders have been informed several times about the ongoing investigations.

On February 18, 2021, WeissLaw LLP said that the firm is investigating possible breaches of fiduciary duty and other law violations by the board of directors of Anchiano Therapeutics Ltd. The shareholders were also reminded earlier on February 11 and on both occasions, the ANCN stock went down.

About ANCN

Anchiano Therapeutics was founded in 2004, and its headquarter is in Israel. ANCN is a biopharmaceutical company dedicated to the discovery, development, and commercialization of novel targeted therapies to treat cancer. ANCN is developing small-molecule pan-mutant-RAS inhibitors and inhibitors of PDE10 and the b-catenin pathway. Neil Cohen is the current CEO of the company. He has invested in and served on the boards of directors of many private technology companies. Mr. Cohen received a B.A. and M.A. from Oxford University.

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