Sio Gene Therapies [NASDAQ: SIOX] reported that the company has settled upon selling its share in Arvelle therapeutic to Angelini Pharma. Angelini Pharma will purchase Arvelle’s 100% stock for $960 Million in cash. This transaction is subject to customary closing conditions. Furthermore, It is expected to close by the first quarter of 2021.
Sio Gene will receive a direct payment of $11.8 Million. Moreover, it will later receive additional payments of up to $8.2Million as regulatory and sales milestones. The amount can total up to nearly $20M through the share sale and these earnings signify a significant increase in Sio Gene’s first investment in Arvelle.
David Nassif CEO of Sio Gene said ” We applaud Arvelle, Angelini, and their investors. We are also proud of Sio Gene’s Role in the development of Arvelle. We are also happy to get a substantial combination of non-dilutive capital through this sale”