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KEYMED BIO-B Sells ~15% Stake in Ouro Medicines
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KEYMED BIO-B (02162.HK) announced that it had been informed by Ouro Medicines, a company in which it holds a 15% stake, that Gilead Sciences (GILD.US), as the buyer, agreed yesterday to acquire Ouro Medicines through a merger. The upfront payment upon completion is USD1.675 billion (subject to customary adjustments), with contingent milestone payment of up to USD500 million, bringing the total amount to a maximum of USD2.175 billion. Based on KEYMED BIO-B's equity interest in Ouro Medicines, it is expected that KEYMED BIO-B will receive an upfront payment of around USD250 million and a contingent milestone payment of up to around USD70 million, for a maximum total of around USD320 million. The final consideration receivable by KEYMED BIO-B is subject to the achievement of relevant milestones as well as the shareholders agreement amongst the Ouro Medicines shareholders. Upon completion of the merger, Ouro Medicines will become a wholly-owned subsidiary of Gilead Sciences. AAStocks Financial News |
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