Small SPAC to tiny sale: Apexigen sprints to Pyxis Oncology in $16M exit
Pyxis Oncology, the public Boston biotech breathing life into Pfizer’s antibody-drug conjugates platform, will buy Apexigen, a small oncology outfit that went public in a blank-check deal just last summer. Meanwhile, CMO Jay Feingold will leave next month.
For $16 million, via an all-stock deal that will see Apexigen shareholders own about 10% of the combined company, Pyxis gets access to an antibody discovery platform and a Phase II CD40 agonist. Apexigen was an early darling at AACR in 2019 with sotigalimab and followed that up with a $123 million Series C in March 2020. But the California biotech would eventually raise much less in a flip onto the public markets for $19 million last August.
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