Citius to spin off oncology division into separate public company

Cranford-based Citius Pharmaceuticals said Tuesday it will merge a wholly owned subsidiary with TenX Keane Acquisition to combine its own separate oncology division.

The newly combined public company will be named Citius Oncology Inc.

According to terms of the agreement, Citius Pharmaceuticals will receive $675 million in equity of Citius Oncology Inc. and retain approximately 90% majority control in publicly listed Citius Oncology Inc. after the closing, which is anticipated to be completed in the first half of 2024.