Murphy Canyon Acquisition Corp. (MURF) announced on September 22 the completion of its previously announced merger with Conduit Pharmaceuticals Inc. for a pro forma enterprise value of approximately $720 million.
According to data captured in the LevinPro HC database, this transaction represents the 79th Pharmaceuticals transaction of the year.
Conduit is a disease agnostic life science company providing an efficient model for compound development. Conduit acquires assets that are Phase II-ready and then seeks an exit through third-party license deals following successful clinical trials. Led by a team of pharmaceutical executives, it was established to fund the development of clinical molecules licensed from major pharmaceutical companies.
Murphy Canyon Acquisition Corp. operates as a blank check company. The company aims to acquire one and more businesses and assets, via a merger, capital stock exchange, asset acquisition, stock purchase and reorganization. MURF was sponsored by Murphy Canyon Acquisition Sponsor, LLC, a wholly owned subsidiary of Presidio Property Trust, Inc.
Alliance Global Partners acted as the exclusive financial advisor to Conduit Pharmaceuticals. Sichenzia Ross Ference LLP acted as legal counsel to MURF. Thompson Hine LLP and Ogier LLP acted as legal counsel to Conduit Pharmaceuticals.
Existing Conduit Pharmaceuticals shareholders will own approximately 90% of the combined company’s common stock issued and outstanding. Conduit expects to commence trading on September 25, 2023, under the ticker symbol “CDT” for its common stock on The NASDAQ and “CDTTW” for its warrants on the NASDAQ.
