What happened Shares of Athenex (NASDAQ: ATNX) soared on Wednesday after the pharmaceutical company announced a game-changing merger. By the close of trading, Athenex's stock price was up 22.6% after rising as much as 55% earlier in the day. So what Athenex reached a deal to buy Kuur Therapeutics, the leading developer of off-the-shelf CAR-NKT cell immunotherapies, for as much as $185 million. "CAR-NKT cells offer a distinct set of advantages over other immune effector cells commonly used for cell therapy," Kuur CEO Kevin Boyle said in a press release. "We are excited that the leadership at Athenex recognizes the significant potential of this approach to provide effective treatment options for patients with both solid and hematological tumors." Athenex and Kuur Therapeutics are joining forces to become a leader in cell therapy. Image source: Getty Images. Kuur's shareholders will receive an up-front payment of $70 million that will be paid mostly in Athenex stock. The deal also includes up to $115 million in milestone payments. Now what Kuur has several products in early-stage trials. It plans to share more data from one of its phase 1 studies at the American Society of Gene & Cell Therapy meeting on May 14. "We are confident that we can continue to innovate on the NKT cell platform," said Dr. Dan Lang, president of Athenex Cell Therapy. "We aspire to convert cancer into a chronic disease." 10 stocks we like better than Athenex, Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Athenex, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Joe Tenebruso has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source