Portage Biotech Inc (NASDAQ: PRTG) acquired the remaining 22% stake in its invariant natural killer T cell (iNKT agonist) platform and now wholly owns the worldwide rights to its small molecule iNKT agonists, including lead programs PORT-2 and PORT-3.
The platform was acquired through Portage's iOx Therapeutics Ltd. subsidiary from the founding equity holders for 1.07 million Portage shares.
Additionally, a payment of $25 million would be triggered upon achieving a certain clinical milestone in the PORT-2 or PORT-3 programs.
Tarus acquisition is highly favorable for Portage's long-term prospects, even though HC Wainwright did not factor any revenue from these assets into the valuation.
The company expects preliminary data from these programs by the end of 2022 and early 2023, respectively.
HC Wainwright says that it has solely modeled sales of PORT-2 in melanoma, starting in 2025, equivalent to peak sales of $270 million by 2035.
Price Action: PRTG shares are up 5.28% at $9.87 during the market session on the last check Wednesday.
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