BioCentury
ARTICLE | Company News

Seek Ltd., ValiRx deal

April 14, 2014 7:00 AM UTC

ValiRx and Seek's Tangent Reprofiling Ltd. subsidiary established a risk-sharing JV, ValiSeek Ltd., to develop Tangent's cancer candidate VAL401. ValiRx will pay Tangent £110,000 ($150,909) to acquire a 60% stake in ValiSeek. The sum consists of a £50,000 ($68,595) cash payment and about £60,000 ($82,314) through the issuance of 20.3 million ValiRx shares. Tangent is also eligible for milestones. ValiRx will have control over ValiSeek's board, and Suzy Dilly, co-inventor of VAL401, will serve as CEO of the JV. ...