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Aytu BioScience and Innovus Pharmaceuticals Announce Filing of Form S-4 Registration Statement Related to Proposed Acquisition of Innovus by Aytu BioScience
ENGLEWOOD, CO and SAN DIEGO, CA / ACCESSWIRE / December 24, 2019 / Aytu BioScience, Inc. (NASDAQ:AYTU), a specialty pharmaceutical company focused on
About this update from Aytu Biopharma, Inc.
[{"type":"text","content":"ENGLEWOOD, CO and SAN DIEGO, CA / ACCESSWIRE / December 24, 2019 / Aytu BioScience, Inc. (NASDAQ:AYTU), a specialty pharmaceutical company focused on commercializing novel products that address significant patient needs and Innovus Pharmaceuticals, Inc. (OTCQB:INNV), a specialty pharmaceutical company commercializing, licensing and developing safe and effective consumer health products, today announced that the companies have filed with the U.S. Securities and Exchange Commission a registration statement on Form S-4 containing a joint preliminary proxy statement/prospectus in connection with Aytu BioScience's proposed acquisition of Innovus Pharmaceuticals on December 23, 2019 after markets closed.The registration statement containing the joint preliminary proxy statement/prospectus is available through the SEC's website at www.sec.gov and on each company's website on the respective company's Investor section.As previously announced the companies signed a definitive merger agreement whereby Aytu will retire all outstanding common stock of Innovus for an aggregate of up to $8 million in shares of Aytu common stock, less certain deductions, at the time of closing, including amounts owed from Innovus to Aytu under a promissory note (currently $1.35 million principal amount), payments to be made to warrant holders, changes in Innovus liabilities and working capital, and other adjustments. This initial consideration to Innovus common shareholders is currently estimated to consist of approximately 3.9 million shares of Aytu stock. Each Innovus common shareholder will also receive contingent value rights (\"CVRs\"), representing the right to receive additional consideration of up to an aggregate of $16 million, paid for in cash or stock at Aytu's option, over the next five years if certain revenue and profitability milestones are achieved.Innovus generated nearly $23 million in revenue during the twelve-month period ended September 30, 2019.Through this combined entity, Aytu will expand into the $40 billion consumer healthcare market with a portfolio of over thirty-five consumer products competing in large therapeutic categories including diabetes, men's health, sexual wellness and respiratory health. This expanded product line broadens Aytu's portfolio beyond prescription therapeutics to enable wider revenue distribution, reduced seas...