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News  ›  Benzinga

Beyond Air Deals Autism-Focused NeuroNOS To XTL For Equity, Future Payments

Benzinga Logo Benzinga By Lekha Gupta
Beyond Air Deals Autism-Focused NeuroNOS To XTL For Equity, Future Payments

Beyond Air Inc. (NASDAQ:XAIR) has agreed to sell 85% of its subsidiary NeuroNOS Ltd. to XTL Biopharmaceuticals Ltd. (NASDAQ:XTLB) in exchange for 19.9% equity stake in XTL, $1 million cash, and up to $32.5 million in milestone-based payments. NeuroNOS, which focuses on autism therapeutics and holds FDA Orphan Drug Designations, will become XTL's flagship platform. Beyond Air shares surged 163.70% on the announcement.

Insights
XAIR   positive

Company divested non-core asset (NeuroNOS) while retaining significant equity stake (19.9%) in acquiring company, securing up to $32.5M in future milestone payments. Stock surged 163.70%, indicating strong market approval of the transaction structure and potential shareholder value creation.