Inspyr Therapeutics Inc. will purchase privately held biotechnology company Lewis and Clark Pharmaceuticals in an all-stock transaction.

Lewis and Clark is a biotechnology company developing proprietary compounds from a technology platform based on adenosine chemistry and biology.

The merger has been unanimously approved by the boards of both companies.

After closing of the transaction, Lewis and Clark stockholders will own about 50% of Inspyr's common stock. Closing of the deal is subject to customary closing conditions as well as reaching a definitive agreement on all the terms.

Following completion, Inspyr will become an integrated biopharmaceutical company focused on advancing its pipeline of therapies for the treatment of cancer, inflammation and other serious diseases.