Evgen Pharma plc (AIM:EVG) agreed to acquire Chronos Therapeutics Ltd. from group of shareholders for £3.4 million on March 19, 2024. The total consideration for the Acquisition is up to £3.4 million, which will be satisfied by the issue of 62.29 million Ordinary Shares at £1.44 per Ordinary Share based on an aggregate value at 90 day VWAP ending at the close of trading on the Business Day immediately before the date of the Acquisition Agreement of £0.89 million. First Deferred Consideration Shares is £1 million and Second Deferred Consideration Shares is £1.5 million.

The terms of the Acquisition have been approved by the boards of both companies and the shareholders of Chronos have voted in favour of the transaction with the majority (over 75%) having signed powers of attorney permitting the Chronos Board to execute the Acquisition Agreement. Completion of the Acquisition is conditional on the passing of the Resolutions at the General Meeting, the Placing Agreement not having been terminated and Admission occurring. The completion of the Acquisition and Admission are expected to take place on or around April 5, 2024.

Cavendish Capital Markets Limited acted as financial advisor to Evgen Pharma plc. Simon Gamblin of Clyde & Co acted as legal advisor to the majority shareholders on the sale of Chronos Therapeutics.