Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF), a neuro-psychiatric drug development company, announced its acquisition by Otsuka Pharmaceutical’s subsidiary, Otsuka America, Inc. Shareholders of Mindset will receive CA$0.75 per share under the arrangement approved by its shareholders and the Supreme Court of British Columbia. Following this, Mindset’s shares will be delisted from several exchanges. The company, known for developing next-gen psychedelic medicines, had a co-development agreement with MSRD, part of Otsuka Pharmaceutical.
Mindset Pharma Inc. (CSE: MSET) (FSE: 9DF) (OTCQB: MSSTF) (“Mindset” or the “Company”) is pleased to announce that further to its press releases of August 31, 2023, September 22, 2023, and October 19, 2023, Otsuka Pharmaceutical Co., Ltd. (“Otsuka”), through its wholly-owned subsidiary Otsuka America, Inc. (“OAI”) has acquired all of the issued and outstanding common shares (each, a “Common Share”) in the capital of the Company under an arrangement (the “Arrangement”) under Division 5 of Part 9 of the Business Corporations Act (British Columbia) carried out under an arrangement agreement dated August 31, 2023, between the Company, OAI and 1435816 B.C. Ltd. (the “Arrangement Agreement”).
Under the terms and conditions of the Arrangement Agreement, all holders of outstanding Common Shares are entitled to receive CA$0.75 in cash for each Common Share held immediately before the effective time of the Arrangement.
As previously announced, the Arrangement was approved by shareholders of the Company at its special meeting of shareholders held on October 19, 2023, and by the Supreme Court of British Columbia on October 25, 2023.
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All registered shareholders of the Company must complete, sign, date, and return the letter of transmittal, which has been previously mailed and is available under the Company’s SEDAR+ profile at www.sedarplus.ca with accompanying Common Share certificate(s) and DRS advice statement (s), as applicable, to Computershare Investor Services Inc. as soon as possible, if they have not already done so. Non-registered shareholders should contact their broker or other intermediary for instructions and assistance in receiving the consideration in respect of their Common Shares.
With the completion of the Arrangement, the Common Shares will be delisted from the Canadian Securities Exchange on October 27, 2023, and from the OTCQB Venture Market and the Frankfurt Stock Exchange shortly thereafter. The Company has applied to cease to be a reporting issuer under applicable Canadian securities laws.
About Mindset Pharma Inc.
Mindset Pharma Inc. is a drug discovery and development company focused on creating optimized and patentable best-in-class innovative next-generation psychedelic medicines to treat neurological and psychiatric disorders with unmet needs. Mindset was established to develop next-generation pharmaceutical assets that leverage the breakthrough therapeutic potential of psychedelic drugs. Mindset is developing several novel families of next-generation psychedelic compounds, as well as an innovative process to chemically synthesize psilocybins in addition to its proprietary compounds. The company has had a co-development agreement with the MSRD, a member of the Otsuka Pharmaceutical family of companies, covering multiple drug development programs. For further information on Mindset, please visit our website at www.mindsetpharma.com.
Source: Biospace