Brief: Neuca Unit Signs Conditional Deal On Purchase Of Stake In Oncobay Clinical

NEUCA

29/12/2022 07:01

Dec 29 (Reuters) - Neuca SA  NEUP.WA :
    * SAID ON WEDNESDAY THAT ITS UNIT NEUCA CLINICAL TRIALS
(NCT) HAS
SIGNED CONDITIONAL DEAL ON PURCHASE OF 72.6% STAKE IN US-BASED
ONCOBAY CLINICAL FOR TOTAL OF $33.5 MILLION
    * THE SALE PRICE MAY BE INCREASED BY ADDITIONAL PAYMENTS
DEPENDING
ON THE FINANCIAL RESULT OF ONCOBAY IN 2023 AND 2024
    * COMPANY ESTIMATES THAT THE TOTAL VALUE OF THE ADDITIONAL
PAYMENTS WILL AMOUNT TO ABOUT $18 MILLION, ASSUMING THAT THE
ONCOBAY WILL ACHIEVE FORECASTED EBITDA FOR 2024 AT THE LEVEL OF
$16.6 MILLION
    * NCT HAS ALSO SIGNED AN AGREEMENT WITH THE SELLERS
ACCORDING TO
WHICH NCT WILL RECEIVE THE RIGHT TO ACQUIRE 23.4% STAKE IN
ONCOBAY IN 2028 
    * PRICE DEPENDS ON THE FINANCIAL RESULT OF ONCOBAY REALIZED
IN THE
YEAR PRECEDING ITS EXERCISE
    * SHAREHOLDERS' AGREEMENT WILL ENTER INTO FORCE AFTER THE
FULFILLMENT OF THE CONDITIONS PRECEDENT CONTAINED IN THE
CONDITIONAL PURCHASE DEAL
    * ONCOBAY IS A CLINICAL RESEARCH ORGANIZATION TYPE OF
COMPANY
FOCUSED ON IMMUNO-ONCOLOGY PROJECTS AND EARLY PHASES OF CLINICAL
TRIALS
    * ONCOBAY REVENUES IN 2022 AMOUNTED TO ABOUT $25 MILLION,
WHILE
FORECAST FOR 2023 IS $70 MILLION

        
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