08:04 AM EST, 12/17/2024 (MT Newswires) -- Portage Biotech Inc ( PRTG ) shares were soaring more than 212% in Tuesday's premarket activity after the clinical-stage immuno-oncology company said Tuesday it has entered into a letter of intent with biotech firm Immunova.

Financial terms weren't disclosed.

Under terms of the proposed deal, Portage and Immunova will negotiate a definitive option agreement for Immunova, or an affiliate, to acquire the entire share capital of Portage subsidiary iOx Therapeutics.