Alliqua BioMedical plans to expand its portfolio of regenerative technologies by acquiring the business of wound care product maker, Soluble Systems.
Following the acquisition, a new subsidiary will be formed that will be publicly traded and renamed as Alliqua BioMedical, where Soluble Systems’ assets will be transferred.
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The consideration for the acquisition includes payments of $35 million, including an issue of approximately 17.6 million of the acquirer company’s shares valued at $0.89 a share and amounting to approximately $15.7 million in value, an assumption of $12.4 million of senior debt, repayment worth $5.4 million of subordinated debt due, $1 million in cash, and $0.5 million of other consideration.
In addition, the acquirer company will issue warrants to the target company to buy four million shares of the new subsidiary at a price of $1.07 per share.
Cowen and Company is acting as financial advisor for Alliqua BioMedical for the transaction.
Integumen plans to acquire Innovenn UK from Venn Life Sciences and Helium Rising Stars Fund for a purchase consideration of $6.11 million.
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By GlobalDataThe acquisition will enable Integumen to further broaden its skin science, oral health and wound care businesses and allows Venn Life Sciences to strengthen its drug development and clinical research services.
