Pharma BD Deal Intelligence

OS Therapies Incorporated / Ayala Pharmaceuticals, Inc.

2025 · Asset Purchase · Pending

OS Therapies entered an asset purchase agreement with Ayala Pharmaceuticals (formerly Advaxis) to acquire all HER2 and Listeria monocytogenes related intellectual property, including patents, third-party license agreements (among them a license with the Trustees of the University of Pennsylvania), and rights to future milestones and royalties. The acquired assets include two INDs: ADXS-503 for non-small cell lung cancer (Phase 2) and ADXS-504 for prostate cancer (Phase 1). The transaction consolidates ownership of the Listeria monocytogenes-based immunotherapy IP underlying OS Therapies' lead asset OST-HER2 in osteosarcoma and eliminates milestone obligations owed to Ayala, including a $3.5 million payment due on first BLA filing for OST-HER2 and $16.5 million of OST-HER2 sales milestones.

This deal is too recent to grade. Critic Score and Outcome Score are assigned after the announcement-week coverage settles and, for Outcome, after the 5-year post-close assessment window opens — expected 2030 at the earliest for this deal, once/if it closes.

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