Shares of plant-based solutions provider Calyxt (NASDAQ:CLXT) are soaring today after it announced a merger with Cibus Global in an all-stock deal. The move brings together these two names in agriculture-based gene editing.
While Calyxt shares are up in triple digits today, the stock is still down nearly 78% over the past 52 weeks.
Further, the move is expected to create a leader in agriculture-based gene editing and create advanced facilities for trait development and next-generation plant breeding.
Cellectis, a clinical-stage biotechnology company, holds about 49.1% of Calyxt. After the closing of the merger, it will own about a 2.5% stake in the combined entity. The transaction is anticipated to close in Q2 2023.
Further, post-consummation, investors in Calyxt will hold about a 5% stake in the combined entity which will trade on NASDAQ under the name Cibus Inc.
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