Versartis's stock soars after merger deal with Aravive to create oncology-focused company [MarketWatch]
VERSARTIS (VSAR)
Last versartis earnings: 7/27 04:05 pm
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Source: MarketWatch
Versartis's stock soars after merger deal with Aravive to create oncology-focused company Shares of Versartis Inc. VSAR, +10.34% soared 24% in active premarket trade Monday, after the biopharmaceutical company announced a deal to merge with privately held Aravive Biologics Inc., to create a company focused on developing cancer treatments. Aravive's lead development candidate AVB-S6-500 is in a phase 1 trial for the treatment of ovarian cancer. After the completion of the merger, which is expected to occur in the second half of 2018, both companies will own approximately 50% of the combined company. After the deal closes, the company will operate under the Aravive Inc. name, and will continue to trade on Nasdaq, but under a new ticker symbol to be determined at a later date. Versartis's stock had plunged 91% over the past 12 months through Friday, including an 88% tumbled on Sept. 22, 2017 after a phase 3 trial of its pediatric hormone deficiency treatment failed to meet its primary
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