Roquefort Therapeutics PLC on Thursday said it has proposed the sale of subsidiary Lyramid Pty Ltd to Pleiades Pharma Ltd for a minimum of $10 million.
The London-based biotechnology company focused on developing medicines for hard-to-treat cancers said a term sheet for the sale has been signed, and both Roquefort and Pleiades intend to sign a binding share purchase agreement within the next 30 days.
Acquired by Roquefort in 2021 for £1 million, Lyramid holds Roquefort’s midkine patents for its mRNA and oligonucleotide programmes, as well as the exclusive licence for its antibody programmes.
Chief Executive Officer Ajan Reginald said: ‘The sale of Lyramid validates our strategy to acquire, develop and then to realise value through licensing and trade-sale transactions. This strategy is particularly important in the UK, where private company valuations typically exceed those of UK public biotech entities. Through this transaction we will capitalise on this valuation arbitrage and retain upside potential in the Midkine portfolio. Most importantly we gain a share of an exciting clinical portfolio being developed by a highly experienced team.’
The completion of the sale is dependent on Pleiades completing its ongoing round of fundraising.
Shares in Roquefort Therapeutics were down 1.2% at 4.0 pence each in London on Thursday afternoon.
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