On October 24, TenX Keane Acquisition, a special purpose acquisition company (SPAC), announced that it entered into an agreement with Citius Pharmaceuticals, Inc. to acquire Citius’ oncology subsidiary. The transaction is valued at $675 million.
Citius Pharmaceuticals is a late-stage biopharmaceutical company focused on the development and commercialization of first-in-class critical care products. The company has a pipeline of anti-infectives in adjunct cancer care, stem cell therapy and unique prescription products. According to Citius’ financial reports, it did not generate any revenues for both years ended September 30, 2022 and September 30,2021.
TenX is led by Chairman and Chief Executive Officer Xiaofeng Yuan and Chief Financial Officer Taylor Zhang, who are growth-oriented executives with a long track record of value creation across industries.
The newly combined public company will be named Citius Oncology, Inc. The transaction will provide Citius Oncology with improved access to the public equity markets and thereby facilitate the commercialization of LYMPHIR, a previously FDA-approved cancer immunotherapy for the treatment of cutaneous T-cell lymphoma. It is expected to close in the first half of 2024.
Maxim Group LLC is acting as exclusive financial advisor to Citius Pharma and Newbridge Securities Corporation is acting as exclusive financial advisor to TenX. Wyrick Robbins Yates & Ponton LLP is acting as legal advisor to Citius Pharma, while The Crone Law Group P.C. is acting as legal advisor to TenX.
Upon closing, pursuant to the terms of the merger agreement, Citius Pharma will receive 67.5 million shares in Citius Oncology at $10 per share and retain majority ownership of approximately 90%.
According to data captured in the LevinPro HC database, this transaction represents the 89th Pharmaceuticals acquisition of 2023.
