Nuformix hails "strategic opportunity" as proposes Biovara buy

Nuformix PLC on Wednesday said it has signed heads of terms for the proposed buy of Biovara Ltd.

Nuformix, the London-based pharmaceutical development company, said the proposed acquisition of Biovara represents an "important strategic opportunity".

The share-for-share deal will create a combined respiratory-focused pharmaceutical development business, bringing together Nuformix's idiopathic pulmonary fibrosis treatment NXP002 and Biovara's treatment for lung cancer-related cough LipAprep.

Nuformix said the transaction, payable in new Nuformix shares, is envisaged as a merger of equals. It said the combined valuation of the enlarged group is still to be agreed.

Nuformix Chair Tim Metcalfe said: "We believe the proposed acquisition of Biovara represents an important strategic opportunity for Nuformix and its shareholders, bringing together two complementary respiratory drug development programmes to create a more substantial and diversified clinical-stage respiratory business with the potential to unlock significant shareholder value."

Completion remains subject to due diligence, definitive transaction documentation and shareholder and regulatory approvals. The proposed transaction also includes cancellation of Nuformix's Main Market listing and admission of the enlarged group to AIM, with a long-stop date of April 30.

LipAprep has completed phase 1 single-dose clinical development and is being prepared for further clinical studies, including a phase 2 proof-of-concept trial Nuformix said.

Nuformix shares fell 9.1% to 0.096 pence on Wednesday morning in London.

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