Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.Glaxo Group (GSK), a wholly subsidiary of GlaxoSmithKline plc, has acquired 25.4% stake in UK-based biotechnology firm Autifony Therapeutics for £1,250,000.
Subscribe to our email newsletter
As per the terms of the deal, Autifony will issue 850,000 A ordinary shares to GSK in exchange for a number of pre-candidate voltage-gated ion channel modulator compounds and associated patent applications.
The deal also includes data for development in hearing loss, as well as 571,429 Series A preferred shares in recognition of £400,000 worth of development work funded by GSK on behalf of Autifony.
Additionally, Autifony will also issue further 550,000 A ordinary shares on achievement of a pre-determined milestone, at which time there will be a further investment by the existing consortium and GSK will then own 13.2% of Autifony on a fully diluted basis.