SIMRIS ALG SIGN LETTER OF INTENT TO ACQUIRE CYANO BIOTECH AS A FIRST STEP TOWARDS BIOPHARMA
Simris Alg AB (publ), is pleased to announce that it entered into a binding Letter Of Intent (“LOI”) to acquire 100% of the shares in Cyano Biotech GmbH on 12th June. Cyano Biotech is a profitable business with an average turnover of €516k and an EBITDA of €114k over the past two years. As negotiations on the terms of the deal are almost complete, and the deal is due to complete by end of August, the companies agree that this is the appropriate time to announce the planned acquisition.
The signed agreement includes exclusivity until 25th August and the deal is subject to customary due diligence which is also due complete at a similar time. The purchase price will include a combination of cash payments, Simris shares and performance related payments. Final terms will be communicated to the market directly upon completion of the transaction.
Cyano Biotech is a stable and profitable business with almost 20 years of research into cyanobacteria. With an extensive strain library, strong patents within the field of ADC toxins for the treatment of cancers, and ongoing discussions with Pharma/ ADC companies to exploit their technology platform. This potential acquisition of Cyano Biotech is completely in line with the Simirs’ communicated strategy to produce high-margin, high-profit products from micro-algae and cyanobacteria.
For more information contact:
Julian Read
CEO Simris Alg AB
Email: julian@simris.com
Phone: +46767888212
www.simrisalg.se
This information is information that Simris Alg AB is obliged to make public according to the EU's market abuse regulation. This information was provided by the above contact person for publication on 2022-08-17 at 07:00 AM CEST
ABOUT SIMRIS ALG AB (PUBL):
Simris Alg is a biotechnology company identifying high value, natural, biologically active compounds found in microalgae and cyanobacteria to extract for applications in skincare, nutrition, and biopharmaceuticals. The company sustainably grows microalgae and cyanobacteria at industrial scale within its photobioreactor facility whereby conditions are optimized for production of these high-value compounds.
Simris Alg's shares are traded on the Nasdaq First North Growth Market with the short name SIMRIS and ISIN code SE0008091664. Certified Adviser is Amudova AB, telephone: 08-546 017 58, email: info@amudova.se.