TC BioPharm (TCBP) said Wednesday it executed a non-binding letter of intent to acquire a commercial-stage ophthalmic pharmaceutical company in an all-stock transaction.

The target company has a US Food and Drug Administration-approved once-per-day drop to decrease intraocular pressure and a pipeline of development-stage assets in ophthalmology indications, TC said.

The company said it expects to execute the binding letter of intent in the next 2-3 weeks and close the acquisition in Q3 of 2025.

Shares of TC BioPharm were over 8% lower in recent trading.

Price: 1.78, Change: -0.16, Percent Change: -8.25