Pharmexa and Affitech merger wins shareholder approval
More than 99% of Danish company Pharmexa's shareholders have approved the merger of the company with Norwegian antibody research firm Affitech. In accordance with the conditional merger agreement, this is more than the 98.5% approval required for the transaction to proceed.
More than 99% of Danish company Pharmexa's shareholders have approved the merger of the company with Norwegian antibody research firm Affitech. In accordance with the conditional merger agreement, this is more than the 98.5% approval required for the transaction to proceed.
At the same time, some of Affitech's shareholders have undertaken to invest a minimum of NOK 32.5m (Euro 3.7m) in the enlarged company post-transaction. This additional investment will be in the form of a subscription for new shares as part of and on the same terms as other investors participating in the planned equity financing of the newly created Affitech, expected to be carried out in the second or third quarter.
As a result of the approvals received from Affitech shareholders, Pharmexa will convene an extraordinary general meeting to approve a resolution for the acquisition to go ahead.
The aim of the merger is to transform Pharmexa from a cancer and infectious disease vaccine business into a company focused on the research and development of human antibody therapeutic drugs.