Ophthalmic Biopharmaceutical Ocuphire Pharma Shifts Focus To Gene Therapy Through Opus Genetics Stock Deal
Portfolio Pulse from Vandana Singh
Ocuphire Pharma (NASDAQ:OCUP) has announced an all-stock acquisition of Opus Genetics, focusing on gene therapy for inherited retinal diseases. The combined company will be renamed Opus Genetics and trade under the ticker 'IRD' from October 2024. The merger expands their pipeline with gene therapy assets and a solution for vision disturbances. Ocuphire will seek a partner for its diabetic retinopathy program and redirect resources to gene therapy. The stock fell 13.5% following the announcement.
October 23, 2024 | 7:25 pm
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Ocuphire Pharma has acquired Opus Genetics in an all-stock deal, focusing on gene therapy for inherited retinal diseases. The merger expands their pipeline and shifts resources from diabetic retinopathy to gene therapy. OCUP stock fell 13.5% post-announcement.
The acquisition marks a strategic shift for Ocuphire, focusing on gene therapy, which may concern investors due to the high costs and long timelines associated with such developments. The immediate stock price drop of 13.5% reflects investor uncertainty or dissatisfaction with the deal.
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