Journey Medical Corporation shares rise 1.43% intraday after NKGen Biotech acquires controlling stake in NKMax.

Journey Medical Corporation rose 1.43% intraday, with NKGen Biotech, Inc. announcing the completion of its acquisition of a controlling stake in NKMax, marking a pivotal moment in its transformation into a fully integrated, self-sustaining, cell therapy company with global manufacturing and IP control. The acquisition, funded by AlpineBrook Capital GP 1 Limited and NKGen CEO Dr. Paul Y. Song, includes a $16.9 million payment for a 65% equity stake in recapitalized debt-free NKMax, with operations now expected to be funded through 2026.