The CDMO outfit iBio has netted a deal that sees it gain access to an AI-based platform as well as new therapeutic candidates as it looks to dive further into drug discovery.
iBio closed on acquiring several assets from the San Diego-based biotech RubrYc Therapeutics, snapping up several oncology programs. The cost includes a $1 million upfront payment as well as the ability of RubrYc’s investors to receive up to $5 million in milestones over the next several years.
The move itself was welcomed by investors, as iBio saw its stock price $IBIO rise around 12% so far today, but the company has a lot of work to do as it still finds itself in the penny stock zone, facing a 66% drop since this point last year.
While acquisitions usually have a higher price point, iBio CEO Tom Isett said in…
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