Four months after its board of directors started the process of dissolving the company, Galera Therapeutics has a new life and new focus. The Malvern biopharmaceutical company announced Tuesday that it acquired Nova Pharmaceuticals in an all-stock transaction and will pivot to cancer therapies. Nova Pharmaceuticals, a privately held biotechnology firm based in New York, is advancing an experimental therapy targeting highly treatment-resistant forms of breast cancer. In support of the acquisition, a syndicate of investors led by Dallas-based Ikarian Capital has purchased $2.89 million in Galera common stock. The funding, along with Galera’s existing roughly $11 million in cash, is expected to fund company operations into 2026.
Read the full article: Galera Therapeutics Sidesteps Liquidation, Acquires New York Biotech Company //
Source: https://www.bizjournals.com/philadelphia/news/2024/12/31/galera-therapeutics-malvern-nova-pharmaceuticals.html