Pelthos Therapeutics Shares Drop 35% Following Merger Agreement with Castle Creek Biosciences
Pelthos Therapeutics (PTHS) experienced a significant stock decline of approximately 35%, closing at $10.79 on Friday. The sell-off follows the announcement that the company has entered into a merger agreement with Castle Creek Biosciences (CCBS). The strategic move is intended to expand Pelthos's therapeutic portfolio, specifically targeting cell and gene therapies for serious skin diseases. Under the terms of the deal, Castle Creek shareholders are set to receive 5.2 million shares in the combined entity.
Tickers: $PTHS
Topics: biotechnology cell and gene therapy merger stock price drop