Murphy Canyon to hold meeting on planned buy of interest in AZD1656

Tue, 15th Aug 2023 10:48

(Alliance News) - Cizzle Biotechnology PLC and Vela Technologies PLC on Tuesday noted that blank-check special purpose acquisition company Murphy Canyon Acquisition Corp will hold a special meeting on September 7.

The companies said the special meeting is regarding Murphy's planned acquisition of an economic interest in AZD1656 from Vela for GBP4.0 million.

Further, the meeting is regarding Murphy's planned business combination with Conduit Pharmaceuticals, an autoimmune-disease focused clinical stage specialty biopharmaceutical company to which Cizzle Biotechnology aims to sell its 5% economic interest in AZD1656 for GBP3.3 million.

Covid therapy AZD1656 was originally developed by AstraZeneca PLC. In August 2019, clinical trials-focused charity St George Street Capital Ltd acquired the right to develop and commercialise two assets from a major global pharmaceutical company, one of which includes the licence to a drug that could be beneficial to diabetic patients suffering with Covid-19.

Vela paid GBP2.4 million for an 8% economic interest in this asset in October 2020, which Murphy aims to buy for GBP4.0 million.

In December, Cizzle Biotechnology said it is in the process of selling a 5% economic interest in the commercialisation of AZD1656 to Conduit Pharmaceuticals for GBP3.3 million, to be satisfied in shares. Murphy seeks to merge with Conduit Pharmaceuticals.

Executive Chair Allan Syms on Tuesday said: "We are very pleased to see that Murphy has received the notice of effectiveness from the Securities & Exchange Commission, which will allow, subject to their shareholder approval, the merger between Murphy and Conduit to complete and Conduit to become a publicly traded company on NASDAQ."

Cizzle Biotechnology shares rose 2.2% on Tuesday morning in London to 1.94 pence per share, while Vela Technologies shares were flat at 0.019 pence each.

By Tom Budszus, Alliance News reporter

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