Adial said it will buy Azora for $64 million to fund early clinical development of Azora’s lead ulcerative colitis asset AT177. The program is an oral, colon-targeted drug designed to selectively activate the aryl hydrocarbon receptor (AhR) in gut tissue while avoiding meaningful systemic exposure. Under the announced structure, the acquisition is an equity exchange rather than cash-only, with Azora shareholders receiving a mix of Adial common stock and convertible preferred shares. Adial said the proceeds will support execution through key clinical milestones. Azora’s AT177 builds on mechanistic and clinical rationale tied to indirubin from indigo naturalis, implemented here via a synthetic prodrug engineered for gut-restricted delivery intended to reduce systemic immunosuppression risks associated with off-target AhR activation.