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Cellmid engages advisers to facilitate Lyramid divestment

Cellmid advised the market in February 2019 of its intention to separate its consumer health and biotech assets.

Cellmid Limited - Cellmid engages advisers to facilitate divestment from Lyramid
Two agreements have been signed to explore partnering and divestment options

Cellmid Limited (ASX:CDY) has appointed C14 Consulting and PharmaVentures Limited to actively search for partners or buyers for Lyramid, Cellmid’s wholly-owned subsidiary.

Lyramid is engaged in the research and development of treatments for inflammatory diseases and cancer targeting midkine, an embryonic growth factor implicated in a number of disease indications.

These two agreements with C14 Consulting and PharmaVentures for partnering or divestment are independent from each other and have similar terms including no exclusivity.

The only fee payable by Cellmid to either of the consultants will be a success fee on completion of the sale or partnering of the midkine asset portfolio.

Relevant expertise

The appointments have been made based on the relevant expertise of each consulting firm.

C14 Consulting is the premier business development partner for alliances and partnerships in life sciences and is led by a team of senior business development professionals with experience in large pharmaceutical and biotechnology companies.

PharmaVentures is the global expert in mergers and acquisitions in the life sciences sector having completed more than 1,000 successful assignments over 30 years in 38 countries.

Non-executive director of Cellmid Fintan Walton is also the founder and managing director of PharmaVentures.

Arm’s length terms

For the purposes of section 208 of the Corporations Act the company considers that the engagement of PharmaVentures was under the ‘arm’s length terms’ exception provided by section 210 of the Corporations Act.

In forming this view the company recognised that the terms of the agreement with PharmaVentures are the same as those agreed with non-related C14 Consulting.

Cellmid will be advising the market in due course on any material developments in relation to the divestment program.

Quick facts: Cellmid Limited

Price: 0.105 AUD

ASX:CDY
Market: ASX
Market Cap: $13.15 m
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