Nuformix — Proposed Acquisition of Biovara

(LSE:NFX) Nuformix has signed non-binding heads of terms to acquire Biovara in a share-for-share merger of equals. The proposed transaction will combine Nuformix’s NXP002, which is inhaled tranilast with Orphan Drug Designation in the US and EU, with Biovara’s LipAprep, a lipid aprepitant product. LipAprep has completed single-ascending-dose Phase 1 testing up to 750 mg. In a controlled study, aprepitant demonstrated a 30.3% mean reduction in 24-hour cough frequency. LipAprep is patent-protected to at least 2045. The deal includes a six-month exclusivity period. There is a long-stop date of 30 April 2027 for the transaction. The merger is structured as a share-for-share merger of equals. The companies propose to move the listing from the Main Market to AIM. Completion of the transaction remains subject to due diligence. The deal is also subject to shareholder approval. Regulatory approvals are required for the transaction to proceed. The announcement does not specify the number of shares to be issued or the valuation of either company. No financial consideration other than the share-for-share structure is disclosed. The announcement highlights the combination of two clinical-stage assets with complementary profiles.