Shares of NeOnc Technologies Holdings Inc (NASDAQ:NTHI) surged 8.3% following the announcement of a proposed $50 million investment deal with Quazar Investment aimed at expanding the company’s presence in the Middle East and North Africa (MENA).
Under a newly signed non-binding term sheet, NeOnc plans to create NuroMENA Holdings Ltd, a wholly owned entity, which will establish NuroCure as an operational subsidiary based in Abu Dhabi. NuroCure will be tasked with managing regional clinical trials for NeOnc’s advanced-stage oncology drug candidates.
The proposed agreement includes a $50 million equity investment at a share price of $25, contingent on finalizing definitive agreements by July 10, 2025. The deal also requires NeOnc to fulfill certain conditions within 120 days post-execution.
According to the outlined terms, 70% of the investment will be used to purchase NeOnc common shares directly from the company, while the remaining 30% will support clinical trial rollouts and infrastructure development in the MENA region.
NeOnc intends to leverage the UAE’s well-established clinical trial ecosystem, notably through Cleveland Clinic Abu Dhabi, which operates under U.S. FDA standards. NuroCure’s initial focus will be trials for NEO100—targeting Diffuse Intrinsic Pontine Glioma—and NEO212, a glioblastoma multiforme therapy.
“We believe this partnership should allow us to bring our lifesaving work into the heart of the MENA region. With Quazar’s strategic support and our shared commitment to transformative brain cancer therapies, we are building a model that combines global innovation with regional precision,” said Amir Heshmatpour, Executive Chairman & President of NeOnc.
Quazar Investment, a family office with $3.3 billion in holdings, reportedly conducts the vast majority of its business—about 99%—with government entities in the UAE.