Purple Biotech Ltd. (TASE:PPBT) agreed to acquire Immunorizon from M. Arkin (1999) Ltd. for $100 million on February 1, 2023. The upfront payment of $3.5 million in cash and an aggregate $3.5 million in American Depository Shares (ADSs), at a price per ADS equal to the NASDAQ volume-weighted average price of the Company's ADSs for the 60-day period preceding the execution date of the agreement. Additional long-term development, regulatory and sales milestones are set at an aggregate amount of $94 million, with royalties of low single digit out of net sales. The accumulated transaction payments, excluding the upfront payment, will not exceed $100 million. The closing of the transaction is subject to satisfaction of customary closing conditions, expected within 10 business days. As of February 8, 2023. Yuval Horn, Keren Kanir, Yonatan Levinstein and Dorin Cohn Arbel of Horn & Co. acted as legal advisor to Immunorizon.
Purple Biotech Ltd. (TASE:PPBT) completed the acquisition of Immunorizon from M. Arkin (1999) Ltd. on February 15, 2023.
