NEW YORK (TheStreet) -- Telik (TELK) soared Tuesday after Monday's announcement that the oncology drug development company had entered into a definitive merger agreement with privately held MabVax Therapeutics.
The two companies will combine into a publicly-traded company via an all-stock transaction. The new company will focus on "the development of proprietary immunotherapy-based products to diagnose and treat cancer," according to a press release.
The new company will be known as MabVax Therapeutics Holdings and the MabVax management team will lead it. J. David Hansen, President and CEO of MabVax, will serve as President, CEO, and Chairman of the Board of the new company. Michael M. Wick, M.D., Ph.D., who currently serves as President and CEO of Telik, will remain on the board.
Must Read: Telik, Biotech Pariah, Finally DiedSTOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more. The stock was up 27.28% to $1.59 at noon. For more on Telik, read TheStreet's Adam Feuerstein's article here. STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.