Why Did Anchiano Therapeutics Ltd – ADR (NASDAQ: ANCN) Jump Over 150% Today?

Anchiano Therapeutics Ltd – ADR (NASDAQ: ANCN) jumped over 150% today after the company entered into a merger agreement with Chemomab Ltd, which is a clinical-stage biotech company focused on products for fibrosis-related diseases. A joint statement said that the newly formed company will focus on Chemomab’s leading product CM-101 to evaluate the antibody’s anti-fibrotic effect in patients diagnosed with non-alcoholic steatohepatitis (NASH).

Anchiano is an Israel-based company that markets molecule anti-cancer therapies. It is known for its Pan-RAS Program that identifies novel indene-based small molecules that exhibit potent and selective inhibition of activated RAS signaling regardless of isoform or mutation.