Quince Therapeutics To Acquire EryDel
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Quince Therapeutics (Nasdaq: QNCX) in its agreement to acquire EryDel SpA in a stock-for-stock upfront exchange and potential downstream milestone cash payments.
Quince Therapeutics is a biotechnology company focused on acquiring, developing, and commercializing innovative therapeutics that transform the lives of patients suffering from debilitating and rare diseases.
EryDel SpA is a global late-stage biotech company aimed at developing and commercializing therapies for the treatment of rare diseases delivered by its proprietary red blood cell technology.
The transaction agreement includes up to $485 million in potential total downstream cash payments, including up to $5 million in development milestones, $25 million at NDA acceptance, $60 million in approval milestones, and $395 million in market and sales milestones, with no royalties paid to EryDel stockholders.
On completion, EryDel stockholders will own around 16.7% of the combined company (subject to downward adjustment). The transaction, which has been unanimously approved by the boards of directors of both companies, is subject to certain regulatory approvals and other closing conditions and is expected to close in the third quarter of 2023.
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