NEW YORK (TheStreet) -- Shares of Macrocure (MCUR) were surging 91.08% to $2.30 on heavy trading volume late Monday morning after the Israel-based immune-oncology biotechnology company announced it had signed a definitive merger agreement with Leap Therapeutics.

Macrocure will become a subsidiary of Leap, a privately held immuno-oncology biopharmaceutical company, and Leap will become a public company, according to a company statement.

Leap will also apply to have the shares of the combined company listed on the NASDAQ once the transaction closes.

Shareholders of Macrocure will exchange their shares for newly-issued Leap common stock.

The combined entity will be headquartered in Leap's current corporate office in Cambridge, MA.

More than 7.49 million shares of Macrocure stock have traded so far today vs. its 30-day daily average of 87,000 shares.

Image placeholder title