Why Is Impact BioMedical Stock (IBO) Up 200% Today?
Impact BioMedical (IBO) stock skyrocketed on Monday after the specialty biopharmaceutical and consumer healthcare company announced a merger agreement with Hong Kong-based pharmaceutical company Dr Ashleys Limited.
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These two companies have agreed to a reverse merger that will see Dr Ashleys Limited acquire Impact BioMedical, with the combined company trading under the Dr Ashleys Limited name. The Dr Ashleys management team will lead the combined company and will also create a new Board of Directors.
Dr. Kanans Visvanats, director of Dr. Ashleys Limited, said, 'By integrating Impact Biomedical's impressive IP portfolio into our R&D efforts, we are poised to accelerate the development of groundbreaking therapies and expand our Impact on global health.'
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