Yumanity Therapeutics to sell YTX 7738,an inhibitor of stearoyl-CoA-desaturase, to Janssen Pharmaceutica NV.
Yumanity Therapeutics, Inc. a clinical-stage biopharmaceutical company focused on the discovery and development of innovative, disease-modifying therapies for neurodegenerative diseases, announced it has entered into definitive agreements for a strategic transaction.
An asset purchase agreement for the sale of Yumanity’s lead clinical-stage product candidate, YTX 7739, as well as Yumanity’s unpartnered discovery-stage neuroscience product candidates and targets to Janssen Pharmaceutica NV (“Janssen”), part of the Janssen Pharmaceutical Companies of Johnson & Johnson, for $26 million in cash. In connection with the closing of the proposed transaction, Yumanity plans to distribute any remaining available cash proceeds from the sale to Yumanity stockholders via a one-time dividend, net of any amounts retained for outstanding obligations and net cash requirements associated with the proposed merger between Yumanity and Kineta, Inc. (“Kineta”). The amount of such dividend will depend on many factors and will not be determined until closer to the closing date.
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