Heat Biologics' Merger Partner Elusys Finalizes HHS Contract For Its Anthrax Treatment
Elusys Therapeutics Inc, the merger partner for Heat Biologics Inc (NASDAQ: HTBX), has finalized a contract with the Office of the Assistant Secretary for Preparedness and Response (ASPR) in the U.S. Department of Health and Human Services (HHS) for the continued supply of ANTHIM (obiltoxaximab), an anthrax antitoxin.
The contract for ANTHIM consists of a base period of performance, valued at $50 million, which is fulfilled.
The contract includes options valued at up to $31 million. If all options are exercised, the total contract value will be $80.86 million, with completion of the contract expected by 1H of 2023.
As previously announced, Elusys has executed a definitive merger agreement with Heat Biologics Inc (NASDAQ: HTBX), under which Elusys will merge into a wholly-owned subsidiary of Heat.
The acquisition is expected to close during Q1 of 2022.
Price Action: HTBX shares are up 3.97% at $2.73 during the market session on Monday's last check.
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