Is the PlasmaTech Bio Rally Sustainable?

24/7 Wall St.

health careSo far on Wednesday, the real market movers have been the news on acquisitions, and PlasmaTech Biopharmaceuticals Inc. (NASDAQ: PTBI) is playing its part. 24/7 Wall St. has already covered a biotech acquisition and another in the tech sector as well.

Also Wednesday morning, PlasmaTech Bio announced that it has entered into a definitive agreement to acquire Abeona Therapeutics.

Under the terms of the agreement, PlasmaTech Bio will issue to Abeona members a total of 3.98 million common shares on closing of the transaction, and up to an additional $9 million in performance milestones, in common stock or cash, at the company’s option.

The board of directors of PlasmaTech Bio and the managers of Abeona have unanimously approved the transaction. The transaction is expected to close in the second quarter of 2015.

Abeona Therapeutics is developing gene therapies for patients with rare genetic diseases, with initial therapies being developed for…

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