Analyst Summary
- Cyclacel Pharmaceuticals, Inc. acquired assets related to Plogosertib, a polo-like kinase 1 (PLK 1) inhibitor, from its wholly-owned subsidiary, Cyclacel Limited (in liquidation), for £250,000.
- The assets include rights related to the treatment of esophageal cancer and acute leukemia.
- The Purchase Agreement stipulates that if Cyclacel Pharmaceuticals disposes of the assets in the future, Cyclacel Limited is entitled to 50% of the surplus, defined as the difference between the disposal consideration and the greater of £250,000 or £250,000 plus direct costs incurred by Cyclacel in the research or development of the assets.
- An Assignment of Patent Rights Agreement was also entered into, transferring all rights, title, and interest in certain patent rights related to Plogo from Cyclacel Limited to Cyclacel Pharmaceuticals.
- The company is obligated to only make any Subsequent Disposal for a cash consideration.
- The Buyer shall obtain fair value customary in an arms-length transaction of the type proposed by it for any Subsequent Disposal.