Aditxt to Acquire Antiviral Drug Holder AiPharma.
MANews-(C)2009-2021
US-based biotech innovation company Aditxt Inc. (NASDAQ: ADTX) has signed a share exchange agreement to acquire commercial-stage biopharmaceutical company AiPharma Global Holdings LLC, a wholly-owned subsidiary of AiPharma Group Ltd, the company said.
The share exchange agreement contemplates that the transaction would involve two steps.
First, an initial closing is expected to occur upon the satisfaction of certain conditions no later than January 31, 2022, at which Aditxt will acquire 9.5% of the issued and outstanding equity interests in AiPharma in exchange for the issuance of approximately 4.8m shares of common stock of Aditxt and a cash payment of USD 250,000.
Second, Aditxt would then acquire the remaining 90.5% of the issued and outstanding equity interests in AiPharma in exchange for the issuance of approximately 39.9m shares of common stock of Aditxt and a cash payment of USD 250,000 at a secondary closing, subject to the satisfaction or waiver of certain conditions to closing, including, but not limited to, shareholder and NASDAQ approval.
AiPharma holds directly, or through its affiliates worldwide (excluding Japan), exclusive rights to Avigan and all formulations of Favipiravir.
This broad-spectrum oral antiviral drug targets COVID-19 and other infectious diseases. Avigan has regulatory approval to treat COVID-19 and influenza in Mexico, United Arab Emirates, India, Indonesia, Malaysia, Japan, and Thailand.
Other countries buy the treatment under compassionate patient programs. In the United States, Phase 3 PRESECO (PREventing Severe COVID-19) clinical trial evaluating Avigan for the treatment of mild-to-moderate COVID-19 did not achieve statistical significance on the...
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