2023-04-20 09:09:50 ET
Aditxt ( NASDAQ: ADTX ) signed an agreement with Cellvera to get 50% ownership in G Response Aid FZE (GRA or Global Response Aid) for $24.5M and royalties.
Aditxt noted that it will partner with logistics company Agility, owing the remaining 50%, for a growing market need for effective antivirals
The transaction of $24.5M consists of forgiveness of Aditxt's $14.5M loan to Cellvera, and $10M in cash.
The royalties consists of future royalties for 7 years. With Dr. Reddy's Laboratories ( NYSE: RDY ), GRA holds a license for Avigan 200mg, excluding Japan, China and Russia.
In connection with the closing of this transaction, a share exchange agreement signed between Cellvera Global f/k/a AiPharma Global and Aditxt in December 2021, and all other related agreements, will be terminated.
"We believe this acquisition has the potential to help drive Aditxt’s strategic revenue and growth, as we move forward to help address a growing market need for more effective antivirals," said Aditxt's Co-founder, chairman and CEO Amro Albanna.
The closing of the deal is subject to conditions, including approval by Aditxt’s board and regulatory approvals for the transfer of shares, among other things.
ADTX + 13.98% to $0.98 premarket April 20
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Aditxt stock rises ~10% on plans to buy 50% stake in Global Response Aid from Cellvera