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news.Akela Pharma, an integrated product development company, and Nventa Biopharmaceuticals have signed an arrangement agreement to combine the two companies by way of a plan of arrangement under the Business Corporations Act of British Columbia.
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The transaction will be effected by an exchange of Akela common shares for the outstanding shares of Nventa on the basis of 0.0355 Akela shares for each Nventa share, resulting in an approximate 70/30 ownership split between Akela and Nventa shareholders, respectively, in the combined entity.
The public company will retain Akela’s name, will operate under Akela’s management, and will continue to be listed on the Toronto Stock Exchange under the ticker symbol AKL. Nventa will have the right to nominate two directors to the board of directors of Akela.
The transaction is subject to approvals from Nventa shareholders, the British Columbia Supreme Court and the Toronto Stock Exchange. Subject to the satisfaction of certain customary closing conditions, including a minimum amount of $1.5 million of net cash in Nventa, the transaction is expected to close in May 2009.