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news.Euthymics Bioscience (Euthymics) has signed a non-binding Letter of Intent (LOI) to merge into and acquire Dov Pharmaceutical for $2m in cash, plus payment of certain of Dov's expenses. Dov is a biopharmaceutical company focused on the development of novel product candidates for disorders of the central nervous system.
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Dov believes that the contemplated $2m cash payment to shareholders represents approximately $0.015 per share of Dov common stock. If the transaction is consummated, it is anticipated that Dov is likely to be renamed – Euthymics Bioscience.
Reportedly, the completion of the acquisition is subject to the satisfaction of several conditions, including the execution of a definitive merger agreement, the satisfactory completion of due diligence, the completion of financial statements by Euthymics, compliance with applicable laws, approval by Dov shareholders, and other conditions.
The LOI provides for an exclusivity period and also for a break-up fee in the event that Dov accepts an alternative offer from a third party.