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news.Pharmaceutical company Orexo and the principal owners of Biolipox have reached an agreement according to which Orexo will acquire Biolipox, an innovative Swedish research-based pharmaceutical company that develops new therapies for inflammatory diseases, including pain management and respiratory diseases such as asthma and chronic obstructive pulmonary disease.
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The acquisition will be implemented through an issue in kind to Biolipox’s shareholders of 8,556,895 Orexo shares. Orexo and the principal shareholders in Biolipox have reached an agreement according to which part of the consideration for Biolipox shall consist of a deferred payment corresponding to 9,26,000 shares in the form of warrants entitling to subscription for an equal number of shares in Orexo.
Biolipox’s shareholders may only exercise the warrants if an out-licensing agreement is entered into for any of the projects NLA for Rhinitis, BLX-CLI or BLX-Eoxin, or if a milestone payment is received for the project MPI for inflammatory pain. If none of these events take place by December 31, 2009, the warrants will be forfeited.