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news.YM BioSciences is set to acquire Eximias Pharmaceutical Corporation, a privately-held firm focused on treatments of cancer and cancer-related disorders, in a cash and stock deal worth more that $30 million.
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The acquisition is designed to amplify YM’s critical mass, specifically in its management team and cash resources. It will allow YM to expand capabilities for the development and commercialization of the products currently in clinical development and to establish a presence in the US, particularly within the oncology and financial communities. There is no intention to further develop the products in the Eximias portfolio at this time.
YM will purchase Eximias for a number of common shares equivalent to the cash resources of Eximias at closing, or approximately 4.5 million shares at the minimum, as well as a premium of approximately 450,000 shares in recognition of the value of the organization.
The definitive agreement has been approved by the boards of directors of both companies and by the stockholders of Eximias. Approval by YM shareholders is not required.
The transaction is expected to close in early May, subject to the satisfaction of certain closing conditions, at which time Eximias will become a wholly-owned subsidiary of YM operating as YM BioSciences USA, and will serve as YM’s base of operations in the US.