Small SPAC Biotech Apexigen To Be Acquired Pyxis Oncology For $16M

Pyxis Oncology Inc PYXS agreed to acquire Apexigen Inc APGN in an all-stock transaction for an implied value of $0.64 per Apexigen share.
Apexigen went public in a blank-check deal just last summer.
For each share of Apexigen, Pyxis Oncology will issue 0.1725 shares of its common stock for a total enterprise value of approximately $16 million.
In February, Apexigen announced evaluating alternatives and reduced its workforce by 55%.
"This acquisition uniquely positions Pyxis Oncology at the forefront of antibody-drug conjugate (ADC) innovation by adding humanized antibody generation to our Flexible Antibody Conjugation Technology (FACT) ADC toolkit acquired from Pfizer," said Lara S. Sullivan, President & CEO of Pyxis Oncology.
Pyxis Oncology ended Q1 FY23 with approximately $150.8 million in cash.
Effective June 15, 2023, Jay Feingold will step down as Chief Medical Officer to pursue other opportunities. He will remain an advisor to Pyxis Oncology until a successor is named.
Pyxis Oncology expects to issue approximately 4.4 million shares of its common stock to Apexigen stockholders.
The transaction is anticipated to close by mid-2023.
The combined company will trade on Nasdaq under the ticker symbol PYXS. The existing Pyxis Oncology leadership team will continue, including Lara S. Sullivan as President & CEO, Pamela Connealy as CFO & COO, and Jan Pinkas as Chief Scientific Officer.
In 2021, Pyxis Oncology entered into a worldwide license agreement with Pfizer Inc PFE for two antibody-drug conjugate (ADC) candidates and a license to Pfizer's ADC technology platform.
Price Action: APGN shares are up 39.5% at $0.56, and PYXS shares are down 8.92% at $3.40 on the last check Wednesday.

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