Exicure, Inc. (XCUR), a biotechnology entity, revealed on Thursday its entry into an equity acquisition agreement with the South Korean firm GPCR Therapeutics Inc., dated January 19.
As per the terms, Exicure has secured ownership of all issued and outstanding shares of GPCR Therapeutics USA Inc., a subsidiary positioned in California under the GPCR umbrella. The completion of the acquisition coincided with the signing date of the agreement, with GPCR USA previously under full ownership of GPCR.
GPCR USA operates in the biotech sphere, currently advancing a Phase 2 clinical trial targeting blood cancer patients, specifically those suitable for hematopoietic stem cell transplantation.
In alignment with this acquisition, Exicure and GPCR Therapeutics have entered a License and Collaboration Agreement (L&C Agreement), focused on the progression and commercial exploitation of GPCR’s technologies linked to specific intellectual properties and associated patents.
Within the framework of the L&C Agreement, Exicure is obligated to make milestone-based payments upon reaching certain developmental, regulatory, and commercial benchmarks, particularly in clinical trials, market authorization, and net sales. Additionally, Exicure will remit ongoing royalty payments, amounting to no less than 10% of net sales.
In the financial markets, Exicure's stock concluded regular trading on Wednesday down by 15.07%, at a price of $10.37. However, in after-hours trading, the share value surged by 46.77%, reaching $15.22 on the Nasdaq.
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