Pacgen Biopharmaceuticals, a life sciences company, has announced that, as part of its process to restructure the company, it has signed a letter of intent pursuant to which it will negotiate an agreement to acquire Canada-based Xphase Pharmaceuticals.
Pursuant to the proposed transaction, Pacgen will issue three million common shares of Pacgen to Xphase shareholders. Pacgen will receive 100% equity ownership of Xphase and management services of Xphase principals.
Upon the achievement of certain pre-defined business development milestones, Xphase shareholders will be entitled to an additional 3.5 million common shares of Pacgen.
The terms of the proposed transaction contemplate that upon closing, certain of the Xphase principals will join the senior management of Pacgen, and the parties currently intend that Yiu Lee will be appointed as the CEO of Pacgen, subject to regulatory approval. Prior to co-founding Xphase, Dr Lee was previously with Eli Lilly and Company, Patheon and PharmLink.
Xphase currently has the right to acquire the exclusive global rights, excluding China, of AF-05, a novel anti-anxiety drug candidate. Xphase also provides consulting and project management services to assist small to medium pharmaceutical and biotechnology companies around the world.
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