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BRIEF-OncoQuest Signs Deal To Sell Drug Portfolio To Dual Industrial For $300 Mln

Stock Markets Apr 22, 2020 13:00
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April 22 (Reuters) - Quest Pharmatech Inc QPT.V :

* ONCOQUEST SIGNS A DEFINITIVE AGREEMENT TO SELL DRUG PORTFOLIO TO DUAL INDUSTRIAL FOR U.S. $300 MILLION AND COMMITMENT TO FUND THE OREGOVOMAB PHASE 3 CLINICAL TRIAL IN FRONTLINE OVARIAN CANCER

* QUEST PHARMATECH INC - DUAL WILL BE RESPONSIBLE FOR ALL CLINICAL AND NON-CLINICAL DEVELOPMENT EXPENSES FOR ONCOQUEST'S TECHNOLOGY

* QUEST PHARMATECH INC - DUAL WILL SECURE $75 MILLION FOR DEVELOPMENT WHICH IS EXPECTED NO LATER THAN JUNE 30, 2020 AND WILL TRIGGER FIRST CLOSING

* QUEST PHARMATECH - ONCOQUEST-DUAL DEAL IS IN EXCHANGE FOR U.S.$300 MILLION IN A COMBINATION OF DUAL COMMON STOCK AND DUAL PERPETUAL CONVERTIBLE BONDS

* QUEST PHARMATECH INC - AT EXECUTION DATE, ONCOQUEST SHALL RECEIVE U.S. $125 MILLION IN A PERPETUAL CONVERTIBLE BOND

* QUEST PHARMATECH - DUAL COMMITTED TO RETURNING 2.5 MILLION ONCOQUEST SHARES; AS A RESULT, QUEST'S OWNERSHIP INTEREST IN ONCOQUEST WILL RISE TO OVER 40%

* QUEST PHARMATECH INC - ONCOQUEST WILL HAVE RIGHT TO NOMINATE FOUR BOARD MEMBERS TO AN EIGHT-PERSON DUAL BOARD

BRIEF-OncoQuest Signs Deal To Sell Drug Portfolio To Dual Industrial For $300 Mln
 

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