Roquefort Therapeutics further extends deadline for Lyramid sale deal

(Alliance News) - Roquefort Therapeutics PLC on Thursday said it has further extended the deadline for completing a deal for the sale of subsidiary Lyramid Pty Ltd, and has also incorporated a new equity holding company.

The London-based biotechnology company focused on developing medicines in the immunology and oncology sectors extended the deadline to complete the binding share purchase agreement with Pleiades Pharma Ltd to October 31, from the existing August 31 deadline.

Acquired by Roquefort in 2021 for GBP1 million, Lyramid holds Roquefort's midkine patents for its mRNA and oligonucleotide programmes, as well as the exclusive licence for its antibody programmes.

Roquefort signed the share purchase deal for Lyramid with Pleiades at the beginning of February for a total amount of up to USD10.8 million.

Completion of the agreement was dependent on Pleiades competing a round of fundraising, which was initially expected to have taken place by June 30. However, the two companies agreed in June to extend this date to August 31.

The further extension to October was granted as Pleiades' fundraising with unnamed institutional and sovereign wealth fund investors in the Gulf Cooperation Council has "progressed", with due diligence for the terms of investment now proceeding.

Upon completion of the disposal, Roquefort will receive shares in Pleiades plus potential cash of up to USD2 million. The company has set up a new equity holding firm, Midkine Investments Ltd, to hold the Pleiades consideration shares.

Existing Roquefort shareholders and convertible loan note holders will be issued with equivalent shares in Midkine.

Further updates will be provided "as appropriate", Roquefort said.

"We are encouraged by the progress Pleiades has made with its new investors and pleased to be able to reach an agreement to extend the date by a further two months to enable this material transaction to complete," said Roquefort's interim Managing Director Darrin Disley.

"We have recently incorporated Midkine Investments Ltd in order to carve-out a significant portion of value from this transaction for existing Roquefort Therapeutics shareholders ahead of advancing our plans to acquire clinical stage assets and/or revenue generating life science businesses."

Shares in Roquefort Therapeutics were up 6.2% at 1.38 pence in London on Thursday afternoon. The stock remains down 63% over the past year.

By Emily Parsons, Alliance News reporter

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