Portage Acquires Tarus and Adds Four Adenosine Products to its Pipeline
Shots:
- Portage to acquire Tarus in exchange for 2.4M PRTG shares along with the $3M of liabilities, ~$32M in Portage shares or cash upon achievement of future development and sales milestones
- In return, Portage will acquire two clinical-stage and two preclinical assets for ~$21M up front & also bolsters its pipeline with an acquisition of 4 candidates (PORT-6/7/8/9) each targeting different parts of the adenosine pathway
- Portage has entered into a share purchase agreement with LPC for ~$30M to provide financing flexibility to Portage. Additionally, Portage to get the right to sell ~$30 million of its ordinary shares to LPC over the 36mos. term of the agreement while LPC received 94,508 ordinary shares
Ref: Globenewswire | Image: Tarus
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Neha is a Senior Editor at PharmaShots. She is passionate and very enthusiastic about recent updates and developments in the life sciences and pharma industry. She covers Biopharma, MedTech, and Digital health segments along with different reports at PharmaShots. She can be contacted at connect@pharmashots.com.
