Solvonis Therapeutics PLC on Monday said it entered into an arrangement agreement to buy Toronto-based Awakn Life Sciences Corp.
Solvonis is a London-based biotechnology company aiming to develop innovative treatments for mental health and substance use disorders, while Awakn Life is a biotechnology company that develops therapeutics for substance use disorders and addiction.
Solvonis expects the acquisition to complete in the second quarter of 2025.
Solvonis intends to issue about 2.07 billion new shares for the proposed acquisition as consideration for the takeover, valuing Awakn at around £5.0 million.
Separately, Solvonis said pretax loss narrowed to £1.1 million in the nine months to September 30, from £1.5 million a year prior. It reported no revenue, down from £380,000.
Administrative costs reduced to £1.1 million from £1.2 million.
Further, Solvonis reported a £139,000 gain on deconsolidation, compared to no such gain a year ago.
Solvonis shares were 1.2% lower at 0.17 pence each on Monday afternoon in London.
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