QSAM Biosciences (OTCQB: QSAM), a clinical-stage biotechnology company developing next-generation therapeutic radiopharmaceuticals, including Samarium-153-DOTMP (CycloSam), for the treatment of bone cancer and other diseases and conditions, has signed a definitive agreement and plan of merger providing for the acquisition of the company by Telix Pharmaceuticals Limited (ASX: TLX). According to the announcement, QSAM stockholders will receive $33.1 million in Telix ordinary shares or cash, less an adjustment amount equal to QSAM’s indebtedness and payables as of the merger closing, along with contingent value rights (“CVRs”) to receive future payments of up to $90 million upon the achievement of four clinical and commercial milestones within 10 years of closing. The agreement also noted that before the merger is closed, QSAM will effect a reverse stock split of its common stock in a ratio between 1:1000 and 1:2000.
Telix is a biopharmaceutical company focused on the development and commercialization of diagnostic and therapeutic radiopharmaceuticals and associated medical devices. “The signing of our merger agreement with Telix marks a major milestone for QSAM and our shareholders,” said QSAM Biosciences executive chair and cofounder Dr. C. Richard Piazza in the press release. “We are thrilled to advance this transaction to signing and expect to complete the transaction in the first half of 2024, subject to the timing of our information statement and the satisfaction of customary closing conditions. We believe strongly that Telix is the right partner to advance Samarium-153-DOTMP through clinical trials and give this important technology the best chance to improve the lives of patients suffering from bone cancer. We are equally excited for our shareholders, as we believe this is a great outcome for their investments.”
To view the full press release, visit https://ibn.fm/QDrQt
About QSAM Biosciences Inc.
QSAM Biosciences is developing next-generation nuclear medicines for the treatment of cancer and other diseases. QSAM’s initial technology, Sm-DOTMP, is a clinical-stage, bone-targeting radiopharmaceutical originally developed by IsoTherapeutics Group LLC and now owned by IGL Pharma Inc. For more information about the company, please visit www.QSAMBio.com.
NOTE TO INVESTORS: The latest news and updates relating to QSAM are available in the company’s newsroom at http://ibn.fm/QSAM
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