Shares in Cizzle Biotechnology Holdings PLC (LSE:CIZ) rose 6% after it was revealed that a company with which it has a royalty agreement plans to list in New York.
Conduit Pharmaceuticals has announced it is to join Nasdaq using a special purpose acquisition company, or SPAC, and expects to have a valuation of US$700mln.
Cizzle, a diagnostics spin-out from York University, has a small royalty on any future sales of a multi-purpose drug AZD 1656.
Conduit was set up to develop assets that have been ‘de-prioritised’ by big pharma.
In early trade, Cizzle stock was changing hands for 1.75p, up 6%.