Kitov Pharmaceuticals Holdings Ltd. acquired an additional 27% stake in TyrNovo Ltd. from unaffiliated minority shareholders for $7 million.
In exchange for the additional stake, Kitov will issue 13,169,689 new shares, or 658,484 American depositary shares, to the group of TyrNovo shareholders.
As a result of the transaction, Kitov now holds about 92% of TyrNovo's issued and outstanding shares. The company previously owned about 65% of TyrNovo.
TyrNovo is an Israel-based developer of novel small molecules in the oncology therapeutic field.