NetworkNewsBreaks – Aditxt Inc. (NASDAQ: ADTX) I
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Posted On: 04/20/2023 3:35:23 PM
NetworkNewsBreaks – Aditxt Inc. (NASDAQ: ADTX) Inks Asset Purchase Agreement for 50% Ownership of Global Response Aid
Aditxt (NASDAQ: ADTX), a global innovation company focused on therapeutics and technologies that monitor and modulate the immune system, has signed an asset purchase agreement with Cellvera Ltd. According to the announcement, the agreement gives Aditxt a 50% ownership in G Response Aid FZE; the remaining 50% ownership belongs to global logistics leader Agility Inc. Calling the agreement a “significant step” for the company, Aditxt officials noted that the agreement allows the company to partner with Agility to address a growing global market need for effective antivirals. Specifics of the transaction include the consideration of (A) $24.5 million, comprised of: (i) the forgiveness of Aditxt’s $14.5 million loan to Cellvera, and (ii) $10 million in cash, and (
future royalties for seven years. The announcement also noted that the share exchange agreement previously entered in December 2021 between Cellvera Global Holdings LLC (together with other affiliates and subsidiaries) and Aditxt and all other related agreements will be terminated. The transaction is subject to approval by Aditxt’s board of directors, financing of the purchase price, regulatory approvals for the transfer of shares, the resolution and satisfaction of all of Cellvera’s creditors inclusive of those creditors who have initiated claims, and securing the rights to additional third-party IP assets. “We believe this acquisition has the potential to help drive Aditxt’s strategic revenue and growth, as we move forward to help address a growing market need for more effective antivirals,” said Aditxt cofounder, chair and CEO Amro Albanna in the press release. “We are excited by the opportunity to play a key role in the development of Avigan in terms of clinical and commercial opportunities. We believe that Avigan can play a vital role in the treatment of a range of infectious diseases, due to the broad-spectrum nature of the molecule. Although we have only recently entered into the therapeutics market, our goal is to drive a paradigm shift in the treatment and prevention of infectious diseases globally through our newly formed subsidiary Adivir.”
Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
Aditxt (NASDAQ: ADTX), a global innovation company focused on therapeutics and technologies that monitor and modulate the immune system, has signed an asset purchase agreement with Cellvera Ltd. According to the announcement, the agreement gives Aditxt a 50% ownership in G Response Aid FZE; the remaining 50% ownership belongs to global logistics leader Agility Inc. Calling the agreement a “significant step” for the company, Aditxt officials noted that the agreement allows the company to partner with Agility to address a growing global market need for effective antivirals. Specifics of the transaction include the consideration of (A) $24.5 million, comprised of: (i) the forgiveness of Aditxt’s $14.5 million loan to Cellvera, and (ii) $10 million in cash, and (
future royalties for seven years. The announcement also noted that the share exchange agreement previously entered in December 2021 between Cellvera Global Holdings LLC (together with other affiliates and subsidiaries) and Aditxt and all other related agreements will be terminated. The transaction is subject to approval by Aditxt’s board of directors, financing of the purchase price, regulatory approvals for the transfer of shares, the resolution and satisfaction of all of Cellvera’s creditors inclusive of those creditors who have initiated claims, and securing the rights to additional third-party IP assets. “We believe this acquisition has the potential to help drive Aditxt’s strategic revenue and growth, as we move forward to help address a growing market need for more effective antivirals,” said Aditxt cofounder, chair and CEO Amro Albanna in the press release. “We are excited by the opportunity to play a key role in the development of Avigan in terms of clinical and commercial opportunities. We believe that Avigan can play a vital role in the treatment of a range of infectious diseases, due to the broad-spectrum nature of the molecule. Although we have only recently entered into the therapeutics market, our goal is to drive a paradigm shift in the treatment and prevention of infectious diseases globally through our newly formed subsidiary Adivir.” Please see full disclaimers on the NetworkNewsWire website applicable to all content provided by NNW, wherever published or re-published: http://NNW.fm/Disclaimer
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