A British biopharmaceuticals business has completed a deal to list on Nasdaq, delivering a further blow to the London Stock Exchange which has struggled to persuade fast-growing companies to float in the UK.
Conduit Pharmaceuticals completed its merger with Murphy Canyon Acquisition Corp, a Nasdaq-listed special purpose acquisition company, after the US market closed on Friday. The deal placed a value of $1.2 billion on the business. The new combined company has been named Conduit Pharmaceuticals.
Formed in 2019, Conduit acquires drugs that are phase II-ready and then seeks an exit through third-party licence deals after successful clinical trials. The drug company, which employs about 20 people, will operate from London and New York and be domiciled in Delaware.
Conduit’s asset pipeline includes a treatment
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