eureKING, the first European SPAC focused on bioproduction, today announced that it signed a put option agreement for 100% of the share capital of Oleron Pharma, the 100% holding company of Skyepharma.
The target is a fully integrated French CDMO player with 20 years of innovation and development experience in drug development and delivery of oral technologies. This follows eureKING's announcement earlier this month that it had submitted a firm offer on the basis of which it has been granted an exclusivity period with a view to acquiring Skyepharma.
In order to fund the €30.2 million (US$32 million) purchase price, eureKING intends to seek from its existing shareholders' commitments not to redeem their shares upon completion of the business combination, and as needed, to raise additional equity financing through a pipe.
The SPAC raised €150 million (about US $164 million) in May 2022 and lists on the Euronext Paris. Read more.
Source: European SPAC eureKING Signs Put Option for Potential Acquisition of Skyepharma