Cyclacel Pharmaceuticals, Inc. (NASDAQ:CYCC) shares soared 50% following an amendment to its exchange agreement with Malaysian investment holding company FITTERS Diversified Berhad (KL:9318).
The biopharmaceutical firm announced revised terms for its transaction with FITTERS, a company involved in fire safety equipment, waste-to-resource services, and real estate development. Under the updated agreement, Cyclacel will acquire all ordinary shares of FITTERS’ subsidiary, Fitters Sdn. Bhd., making it a wholly-owned subsidiary.
As consideration, Cyclacel will issue common stock equal to 19.99% of its outstanding shares at closing, subject to adjustment. The amendment also requires Cyclacel to pay $1 million—or another mutually agreed sum—to FITTERS at closing.
The deadline to complete the deal has been extended to September 30, 2025. The transaction still requires stockholder approval from both Cyclacel and FITTERS but has received unanimous endorsement from the boards of all involved companies.
Cyclacel, focused on developing innovative medicines, may broaden its business operations with this acquisition by bringing FITTERS’ subsidiary into its corporate portfolio.