Vegenics co-founders, Ludwig Institute for Cancer Research and Licentia Ltd, will become substantial shareholders of Circadian in exchange for their combined 33% minority interest in Vegenics.
Total consideration will be 5,117,430 escrowed shares (11.3% of Circadian) and $650,000 cash, plus a further 1,155,000 Circadian shares on certain product development milestones or two years later.
Circadian will take complete control of the rights to, and development of, Vegenics’ VEGF-C, VEGF-D and VEGFR-3 technologies, which are primarily for the treatment of cancer.
Licentia CEO Kari Paukkeri said “We have been deeply impressed by how far Circadian has been able to advance the VEGF technology to date. We look forward to participating in the ongoing evolution of Circadian as one of its major shareholders.”
The transaction is expected to close by mid August.