CorBec Pharmaceuticals Inc., Panax Phamraceutical Co. Ltd. deal

PANX signed a letter of intent to acquire CorBec subject to PANX’s completion of its merger with Sangen Pharmaceutical Co. (Penn Valley, Penn.) (see BioCentury, Jan. 27) and the completion of new debt or equity financing. CorBec shareholders would receive an upfront payment of $750,000 and 750,000 shares of PANX common stock. CorBec, which will have $250,000 in cash at closing, will be eligible to receive additional cash payments and common shares if certain milestones are met. ...