PharmaMar (MSE:PHM) announced today that its Board of Directors has approved the signing of a sale agreement for 100% of the shares of its subsidiary Zelnova Zeltia, S.A. in favour of Allentia Invest, S.L. and Safoles, S.A.
Madrid, May 23rd, 2019.- PharmaMar(MSE:PHM) announced today that its Board of Directors has approved the signing of a sale agreement for 100% of the shares of its subsidiary Zelnova Zeltia, S.A. in favour of Allentia Invest, S.L. and Safoles, S.A.
The company’s Board of Directors has also approved submitting the authorization of the contract to the General Shareholders’ Meeting, which will be held on 26th June at second call, as the purchasing companies are directly and indirectly owned by, among others, Mr. Pedro Fernández Puentes, a director of PharmaMar, and persons related to him.
The closing of the transaction and, consequently, PharmaMar’s commitment to transfer full ownership to the Purchasers conditional on the shareholder vote by the General Shareholders’ Meeting, which is expected to take place on June 28th 2019, if the authorization is obtained.
According to the terms of the contract, the buyer will pay an amount of €33,417,000, which will be paid at the closing of the transaction. The net capital gain is expected to be approximately €28 million in PharmaMar’s individual accounts.
Zelnova is a consumer chemicals company that produces and markets products for cleaning, hygiene, disinfection and disinsectisation in the home, industry and hotels and restaurants. This agreement, like the sale of Xylazel in September 2018, is in line with PharmaMar’s strategy in 2014, following the reverse merger with Zeltia, to focus on the biopharmaceutical sector.
As reported last January, Alantra Corporate Finance, S.A.U. advised PharmaMar on this transaction.
Legal warning
This press release does not constitute an offer to sell or the solicitation of an offer to buy securities, and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of that jurisdiction.
About PharmaMar
Headquartered in Madrid, PharmaMar is a biopharmaceutical company, focused on oncology and committed to research and development which takes its inspiration from the sea to discover molecules with antitumor activity. It is a company that seeks innovative products to provide healthcare professionals with new tools to treat cancer. Its commitment to patients and to research has made it one of the world leaders in the discovery of antitumor drugs of marine origin.
PharmaMar has a pipeline of drug candidates and a robust R&D oncology program. It develops and commercializes Yondelis® in Europe and has other clinical-stage programs under development for several types of solid cancers: lurbinectedin (PM1183), PM184 and PM14. With subsidiaries in Germany, Italy, France, Switzerland, Belgium, Austria and the United States. PharmaMar wholly owns other companies: GENOMICA, a molecular diagnostics company; Sylentis, dedicated to researching therapeutic applications of gene silencing (RNAi); and a chemical enterprise, Zelnova Zeltia. To learn more about PharmaMar, please visit us at www.pharmamar.com.
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