Brief: OncoQuest Signs Deal To Sell Drug Portfolio To Dual Industrial For $300 Mln

Hyulim A-Tech

22/04/2020 17:55

April 22 (Reuters) - Quest Pharmatech Inc  QPT.V :
    * ONCOQUEST SIGNS A DEFINITIVE AGREEMENT TO SELL DRUG
PORTFOLIO TO
DUAL INDUSTRIAL FOR U.S. $300 MILLION AND COMMITMENT TO FUND THE
OREGOVOMAB PHASE 3 CLINICAL TRIAL IN FRONTLINE OVARIAN CANCER
    * QUEST PHARMATECH INC - DUAL WILL BE RESPONSIBLE FOR ALL
CLINICAL
AND NON-CLINICAL DEVELOPMENT EXPENSES FOR ONCOQUEST'S TECHNOLOGY
    * QUEST PHARMATECH INC - DUAL WILL SECURE $75 MILLION FOR
DEVELOPMENT WHICH IS EXPECTED NO LATER THAN JUNE 30, 2020 AND
WILL TRIGGER FIRST CLOSING
    * QUEST PHARMATECH -  ONCOQUEST-DUAL DEAL IS IN EXCHANGE FOR
U.S.$300 MILLION IN A COMBINATION OF DUAL COMMON STOCK AND DUAL
PERPETUAL CONVERTIBLE BONDS
    * QUEST PHARMATECH INC - AT EXECUTION DATE, ONCOQUEST SHALL
RECEIVE U.S. $125 MILLION IN A PERPETUAL CONVERTIBLE BOND
    * QUEST PHARMATECH - DUAL COMMITTED TO RETURNING 2.5 MILLION
ONCOQUEST SHARES; AS A RESULT, QUEST'S OWNERSHIP INTEREST IN
ONCOQUEST WILL RISE TO OVER 40%
    * QUEST PHARMATECH INC - ONCOQUEST WILL HAVE RIGHT TO
NOMINATE
FOUR BOARD MEMBERS TO AN EIGHT-PERSON DUAL BOARD

Source text for Eikon:  ID:nCNWpMmZFa 
Further company coverage:  QPT.V 

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