Therapix Biosciences Ltd. (“Therapix” or the “Company”) (NASDAQ: TRPX), a specialty, clinical-stage pharmaceutical company focusing on the development of cannabinoid-based treatments, announced today an update on its planned merger with Destiny Biosciences Global Corp. (“Destiny”).
On July 23, 2019, Therapix announced the signing of a Letter of Intent for a proposed merger with Destiny. If completed, the transaction will create a combined company that focuses on Therapix’s proprietary IP and related technology, and assets pertaining to all clinical stage pharmaceutical applications and Destiny’s genomics-based breeding techniques and development capabilities.
The Company previously stated that it expects to execute a definitive agreement pertaining to the merger during the third quarter of 2019. According to the Letter of Intent, the parties agreed to allow until October 31, 2019 to complete the definitive agreement before abandoning the transaction. The Company’s Board of Directors is willing to provide Destiny with additional time to complete its due diligence process. In addition, Destiny has retained an investment bank to carry out a relative valuation analysis of both companies to assist the Destiny Board of Directors in connection with the merger. Destiny informed the Company that the valuations are being completed, but initial draft results of the valuations support the transaction and the relative pricing.
Source: PR Newswire
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