Investing.com -- Cyclacel Pharmaceuticals , Inc. (NASDAQ: CYCC ) stock surged 50% after announcing an amendment to its exchange agreement with Malaysian investment holding company FITTERS Diversified Berhad (KL:9318).

The biopharmaceutical company revealed it has modified the terms of its previously announced transaction with FITTERS, which operates in fire safety equipment, waste-to-resource services, and real estate development. Under the amended agreement, Cyclacel will acquire all ordinary shares of FITTERS’ subsidiary, Fitters Sdn. Bhd., making it a wholly-owned subsidiary.

As consideration for the acquisition, Cyclacel will issue common stock representing 19.99% of its outstanding shares as of the closing date, subject to potential adjustment. The amendment adds that Cyclacel will now also pay $1 million or another mutually agreed amount to FITTERS at closing.

Additionally, the parties have extended the final date for completing the transaction to September 30, 2025. The transaction remains subject to approval from both Cyclacel and FITTERS stockholders, though it has already received unanimous approval from the boards of directors of all companies involved.

Cyclacel focuses on developing innovative medicines, while the acquisition will bring FITTERS’ subsidiary under its corporate umbrella, potentially expanding its business operations beyond its current pharmaceutical focus.

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