Unit Of Li Ka-Shing's CK Life Sciences To Merge With Nasdaq-Listed Biotech Company In $100 Million Deal [Forbes]
CK HUTCH HLD LTD UNSP/ADR (CKHUY)
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Source: Forbes
Li Ka-shing, senior advisor of CK Hutchison, which controls CK Life Sciences. Li Ka Shing Foundation CK Life Sciences, the biotech arm of Hong Kong billionaire Li Ka-shing , has agreed to merge a Canadian drug development unit, WEX Pharmaceuticals, with Nasdaq-listed Virios Therapeutics. CK Life Sciences said on Monday that Sealbond, a wholly-owned subsidiary, is selling its 100% stake in Pharmagesic, the parent company of WEX Pharmaceuticals, to Virios Therapeutics for $100 million in an all-stock deal. Following the transaction, WEX Pharmaceuticals will merge with Virios Therapeutics, which will be renamed Dogwood Therapeutics, according to CK Life Sciences' filing to the Hong Kong stock exchange. The combination will be effective on Wednesday. “The merger enables WEX to tap into the U.S. capital markets, and strengthen the R&D team, accelerating the development of WEX,” said Alan Yu, deputy chairman of CK Life Sciences, in a statement. Vancouver-based WEX Pharmaceuticals
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