24th Feb 2025 12:23
(Alliance News) - 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 GBP5.0 million.
Separately, Solvonis said pretax loss narrowed to GBP1.1 million in the nine months to September 30, from GBP1.5 million a year prior. It reported no revenue, down from GBP380,000.
Administrative costs reduced to GBP1.1 million from GBP1.2 million.
Further, Solvonis reported a GBP139,000 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.
By Tom Budszus, Alliance News slot editor
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