Novogen (NVGN) Acquires Australian Biotech Company Glioblast Pty
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Novogen Ltd (Nasdaq: NVGN) announced that it has fully-acquired Glioblast Pty Ltd, a privately-held, neuro-oncology-focused Australian biotechnology company.
The transaction includes an upfront payment of AU$ 2.1 million, comprising AU$ 600,000 in cash and ordinary fully-paid shares valued at AU$ 1.5 million, with the actual number of shares determined on the basis of the volume-weighted average price of Novogen shares on the ASX in the seven days prior to this announcement.
The shareholders of Glioblast will be eligible for further payments in cash or equity on the achievement of performance-related milestones. The first two of these milestones provide for the issue of ordinary fully-paid shares valued at AU$ 1.25 million respectively on commencement and successful completion of a phase II clinical trial of GDC-0084, with the actual number of shares determined on the basis of the volume-weighted average price of Novogen shares on the ASX in the seven days prior to satisfaction of the relevant milestone being announced. A further two milestones may trigger payments in cash or equity at Novogen's sole discretion. Any issue of equity in Novogen will be subject to a minimum six-month escrow period.
The addition of Glioblast will add important capabilities and relationships to Novogen, allowing it to more effectively move forward with the GDC-0084 program. Paul Hopper, a highly-experienced life sciences executive, and Leslie Chong, who was formerly Clinical Program Lead for GDC-0084 at Genentech, both shareholders of Glioblast, will become consultants to Novogen and will advise on clinical development.
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