A Wexford-based biopharmaceutical company announced it is actively considering the possibility of acquiring a cell therapy platform and has obtained the exclusive rights to do so as it conducts a due diligence process.
Coeptis Therapeutics Holdings Inc. (NASDAQ: COEP) said that the potential acquisition of VyGen-Bio Inc., based in Tampa, Florida, would strengthen the Pittsburgh company's oncology product pipeline as it would contain exclusive ownership rights to VyGen-Bio's GEAR Platform and related diagnostic technologies. The two companies have worked together previously.
"We believe that the acquisition of VyGen-Bio’s GEAR Platform would represent a significant inflection point in the growth of Coeptis and our strategy to be a leader in the development of ‘next generation’ cell therapy technologies for cancer and other diseases," Dave Mehalick, president and CEO of Coeptis Therapeutics, said in a prepared statement. "We believe the GEAR platform offers the potential to not only improve existing cancer therapies, but further expand the use of existing therapies in new indications."
Should an acquisition occur, Mehalick said Coeptis would look to first focus on advancing the first GEAR candidate for the treatment of multiple myeloma while also looking to expand the GEAR Platform into new products for cell therapy uses, either through potential co-development and/or licensing partnerships with other firms.
Coeptis did not offer a timeline as to when it expects to conclude its due diligence analysis, which has since begun.
The company went public in October 2022 after a SPAC — short for special purpose acquisition companies — merger with Bull Horn Acquisition Corp. It's one of the newest local companies to debut on a public stock exchange.
