Sellas Life Sciences Group extended its winning streak to a sixth straight session on Thursday, climbing 14.83 percent to end at $10.53 apiece, following a regulatory filing that hinted at a potential acquisition. The company announced changes to employment and severance agreements for three executives—President and CEO Angelos Stergiou, Chief Finance Officer John Burns, and Chief Development Officer Dragan Cicic—under which they would receive lump sum payment benefits in the event of a change of control. Burns and Cicic are set to receive lump sum payments equal to 15 months of their base salary, target bonus for the year of termination, and immediate vesting of unvested shares, among other benefits, if terminated by new company owners. Investors interpreted the amendments as preparation for a potential takeover ahead of the looming results of the company's phase 3 clinical study of its therapy candidate for acute myeloid leukemia. Last month, Sellas said it would provide updates to the late-stage study as soon as it reaches the pre-determined 80th patient death, with data from that point deemed sufficient to analyze whether its Galinpepimut-S treatment candidate made a meaningful improvement over the placebo group; as of last month, the company had recorded 78 patient deaths.
Sellas Life Sciences Group IncRegulatory filing hints at potential takeover, with executive severance amendments signaling change of control.