Brief: Simris Alg Signs Letter Of Intent To Acquire Cyano Biotech

Simris AB

17/08/2022 06:34

Aug 17 (Reuters) - Simris Alg AB  SIMRISb.ST :
    * SIMRIS ALG SIGN LETTER OF INTENT TO ACQUIRE CYANO BIOTECH
AS A
FIRST STEP TOWARDS BIOPHARMA
    * ENTERED INTO A BINDING LETTER OF INTENT ("LOI") TO ACQUIRE
100%
OF SHARES IN CYANO BIOTECH GMBH ON 12(TH) JUNE
    * SIGNED AGREEMENT INCLUDES EXCLUSIVITY UNTIL 25(TH) AUGUST
AND
DEAL IS SUBJECT TO CUSTOMARY DUE DILIGENCE WHICH IS ALSO DUE
COMPLETE AT A SIMILAR TIME
    * CYANO BIOTECH IS A PROFITABLE BUSINESS WITH AN AVERAGE
TURNOVER
OF EUR 516K AND AN EBITDA OF EUR 114K OVER PAST TWO YEARS
    * PURCHASE PRICE WILL INCLUDE A COMBINATION OF CASH
PAYMENTS,
SIMRIS SHARES AND PERFORMANCE RELATED PAYMENTS
    * FINAL TERMS WILL BE COMMUNICATED TO MARKET DIRECTLY UPON
COMPLETION OF TRANSACTION

Source text for Eikon:  ID:nWkr4gZ741 
Further company coverage:  SIMRISb.ST 

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