Valeo Pharma announces the closing of a share purchase agreement with Xediton Pharmaceuticals Inc.
As part of its CCAA proceedings, the Company implemented a Court-supervised sale and investor solicitation process (the "SISP") conducted by
The Transaction was then approved by the
- will retain Valeo's existing licenses and operating permits;
- will retain substantially all of Valeo's supply and product listing agreements and related inventory, accounts receivable, intellectual property, certain other tangible property and regulatory, clinical and other data; and
- retain ownership of Valeo's subsidiaries,
Valeo Pharma Corp. andVPI Pharmaceuticals Inc. ; and
Certain excluded liabilities and excluded assets of Valeo will be discharged from Valeo pursuant to the Vesting Order. At this time, the Company expects there will be no recovery for Valeo's existing shareholders.
Details of the Transaction can be accessed on the Monitor's website here.
"We are pleased to announce the closing of our transaction with Xediton and although we would have liked to see Valeo continue its commercial activities as before, we believe that this transaction was the best one to preserve a maximum number of jobs at Valeo, and the continuation of excellent relations and commercial activities with all our business partners", said
"Through this acquisition, we are reaffirming our dedication to patient care and industry leadership," said
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