Kitov Pharmaceuticals acquires additional 27% stake in TyrNovo
Kitov Pharmaceuticals announced the acquisition of an additional 27% stake in TyrNovo, a privately- held developer of novel small molecules in the oncology therapeutic field, from unaffiliated minority shareholders. As announced on January 13, Kitov had acquired a controlling interest, which is now approximately 65% of TyrNovo. After the closing of this transaction, Kitov will hold approximately 92% of TyrNovo's issued and outstanding ordinary shares. Following negotiations with a group of unaffiliated minority shareholders who collectively hold approximately 27%, of TyrNovo, the company has entered into an agreement to acquire their shares based on an agreed upon TyrNovo valuation of $7M. In exchange for these TyrNovo shares, Kitov will issue 13,169,689 new shares, equivalent to 658,484 American Depositary Shares or ADSs of Kitov, at an agreed upon price, in excess of prevailing market prices, of $2.50 per ADS.