Generex to Acquire Orphan Drug Company in $225-Million DealBy
Generex Biotechnology, based in Toronto, has signed a letter of intent to acquire a controlling equity interest in Emmaus Life Sciences, a Torrance, California-headquartered biopharmaceutical company specializing in therapeutics for rare and orphan diseases, in a deal worth $225 million.
Under the letter of intent, Generex will acquire 51% of the issued and outstanding equity securities in the capital of Emmaus in exchange for $225 million in a combination of cash and shares of Generex common stock.
With the acquisition, Generex gains Emmaus’ flagship product, an orally administered pharmaceutical-grade L-glutamine product for treating sickle-cell disease currently under regulatory review. The US Food and Drug Administration set a Prescription Drug User Fee Act date of July 7, 2017 for a decision on Emmaus’ new drug application for the product.
Source: Generex Biotechnology