Pharmaceutical manufacturer Cytopia (ASX:CYT) has agreed to be acquired by Toronto-based YM BioSciences.
Under the arrangement, Cytopia investors will be offered 1 YM share for every 11.7 shares they own. This represents a share price offer of $0.17 per Cytopia share – a 58% premium.
The combined companies will develop and conduct clinical trials for cancer treatments.
YM Biosciences has a market capitalization of around C$87 million ($92.7 million) and cash and cash equivalents of around C$41 million. It last closed at C$1.49 on the Tronto stock exchange.
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