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Kitov Pharma completes acquisition of additional stake in TyrNovo

Kitov Pharma Ltd. completed the acquisition of an additional 27% stake in unit TyrNovo Ltd. from unaffiliated minority shareholders.

Following the closing, Kitov owns about 91.9% of TyrNovo's issued and outstanding shares.

The company issued 13,169,689 new shares, or 658,484 American depositary shares, to the TyrNovo minority shareholders.

Both companies are based in Israel. Kitov develops combination drugs to simultaneously treat pain caused by osteoarthritis and hypertension. TyrNovo is developing NT219, a drug the company said could overcome resistance to multiple anticancer drugs.