Shares of Akers Biosciences Inc. (AKER) are currently spiking over 40% after announcing a merger deal with MyMD Pharmaceuticals, Inc.
AKER is trading at $2.43, up $0.71 or 41.28%, on the Nasdaq.
Akers' shareholders will own around 20% of the combined company, while MyMD's shareholders will own around 80%. The merger is expected to close in the first half of 2021.
Following the deal, the two companies will develop and sell MyMD's novel immunotherapy pipeline assets, including MYMD-1, a first-in-class drug being developed to treat autoimmune and age-related diseases.
MyMD intends to also continue to develop its second asset, SUPERA-1R, a drug platform based on a patent-protected, synthetic derivative of cannabidiol that seeks to target key cannabinoid receptor.
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