Altamira Therapeutics announces partial spin-off of Bentrio business.
Altamira Therapeutics Ltd. announced that it has entered into a binding agreement for the sale of a 51% stake in its subsidiary Altamira Medica AG (“Medica”) to a Swiss private equity investor as part of its strategic repositioning around its RNA delivery technology.
Medica’s key asset is Bentrio, a drug-free OTC nasal spray utilized for the treatment of allergic rhinitis, which has been cleared by the FDA and is being commercialized in a growing number of countries. Altamira has agreed to sell the 51% stake in Medica for a cash consideration of CHF 2,040,000 (about $2.3 million) and will retain 49% of the company’s share capital. Further, Altamira will be entitled to receive 25% of Medica’s future licensing income. In addition, the transaction includes the sale of Auris Medical Pty Ltd, Melbourne (Australia) and a cash contribution of CHF 1,000,000 in total to Medica’s capital by its two shareholders pro rata of their shareholdings following the closing. Medica will continue its operations under its current name and with current staff in collaboration with Altamira. The transaction is set to close on November 21, 2023, subject to customary closing conditions. The Company anticipates recording a financial gain of approximately $5.2 million from the transaction in accordance with International Financial Reporting Standards (IFRS).
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