Update Pharma and Resolute Oncology Sign Binding Term Sheet to Merge
9/9/2013 9:57:37 AM
RENO, Nev.--(BUSINESS WIRE)--Update Pharma Inc. has announced today it has entered into a binding term sheet for a merger with Resolute Oncology, Inc. (REON). Under the agreed upon terms, Update will merge with REON and will own 70% of the surviving entity. Update will appoint 3 board members and REON will appoint two. Following the completion of diligence, and the resolution of certain conditions specified as terms, a definitive agreement between the parties will consummate the merger.
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