MoonLake's Potential Sale: Stock Price Up Fivefold Since Public Debut In 2022
MoonLake Immunotherapeutics (NASDAQ:MLTX) has reportedly engaged an investment bank as the Swiss company looks for a potential sale.
The company focuses on developing antibody-derived treatments for inflammatory skin conditions.
The is in preliminary talks with pharmaceutical companies interested in a potential acquisition. Citing the sources, Reuters emphasized that a deal isn't guaranteed and wished to remain anonymous.
Companies specializing in immunology have been popular acquisition targets, as indicated by recent acquisitions such as Merck & Co Inc's (NYSE:MRK) purchase of Prometheus BioSciences Inc and Eli Lilly And Co's (NYSE:LLY) acquisition of Dice Therapeutics Inc (NASDAQ:DICE).
Also Read: Cantor On MoonLake Immunotherapeutics - Initiates On Inexpensive Valuation, Strong Catalyst Path.
Recently, MoonLake released topline results from its Phase 2 MIRA trial evaluating the Nanobody sonelokimab in patients with moderate-to-severe hidradenitis suppurativa (HS), meeting its primary endpoint.
A few days later, the company stated it had raised $400 million through a stock sale to continue funding the development of sonelokimab.
If successful, MoonLake could enter a market dominated by bigger players like Novartis AG (NYSE: NVS) and AbbVie Inc (NYSE: ABBV).
MoonLake was established in 2021 when Merck KGaA licensed the first-stage clinical development of Sonelokimab to a newly created company.
In 2022, MoonLake became a public company through a merger with a special purpose acquisition company (SPAC), raising over $200 million in cash. Since its market debut, its share price has increased fivefold.
Price Action: MLTX shares are down 7.74% at $50.07 during the premarket session on the last check Monday.