Portage Biotech Bolsters Pipeline with Acquisition of Four Candidates Targeting the Adenosine Pathway
WESTPORT, Conn., July 06, 2022 (GLOBE NEWSWIRE) -- Portage Biotech Inc. (NASDAQ: PRTG), a clinical-stage immuno-oncology company developing therapies to improve patient lives and increase survival by avoiding and overcoming cancer treatment resistance, announced that it has signed an agreement to acquire Tarus Therapeutics, a private company developing adenosine receptor antagonists. Under the terms of the agreement, Portage will acquire Tarus in exchange for 2,425,999 PRTG shares along with the assumption of $3 million of liabilities. Additionally, payments of up to $32M in Portage shares or cash would be triggered upon achievement of future development and sales milestones. As a result of the transaction, Portage acquires four best-in-class assets targeting different aspects of the adenosine pathway, and is now in a unique position to evaluate the role of adenosine in cancer and other diseases.
- As a result of the transaction, Portage acquires four best-in-class assets targeting different aspects of the adenosine pathway, and is now in a unique position to evaluate the role of adenosine in cancer and other diseases.
- Furthermore, the potential promise of the adenosine assets, coupled with Portages highly experienced development team, underscores the rationale to partner these best-in-class assets with Portage.
- The new assets acquired from Tarus Therapeutics include:
TT-10 (now PORT-6): an adenosine receptor type 2A (A2A) inhibitor to treat solid tumors. - For more information, please visit www.portagebiotech.com , follow us on Twitter at @PortageBiotech or find us on LinkedIn atPortage Biotech Inc.