Business
Update on Royalty Sharing Agreement in AZD1656
Update on Royalty Sharing Agreement in AZD1656.
About this update from Cizzle Biotechnology Holdings Plc
[{"type":"text","content":"\n\n15 May 2023\nCizzle Biotechnology Holdings plc\n(\"Cizzle\" or the \"Company\")\nUpdate regarding Put Option for Sale of Economic Interest and Royalty Sharing Agreement in AZD1656\nPreliminary S4 filing by Murphy Canyon Acquisition Corp (\"Murphy\")\nCizzle Biotechnology Holdings plc, the UK based diagnostics developer, announces an update on its put option to sell: (i) its 5% economic interest in the commercialisation of the AZD 1656 asset to treat inflammatory pulmonary and cardiovascular disease (the \"Economic Interest\"); and (ii) its royalty sharing agreement with St George Street Capital (\"SGSC\"), the UK-based biomedical charity (the \"Royalty Sharing Agreement\") to Conduit Pharmaceuticals (\"Conduit\") for a total consideration of £3.25 million, to be satisfied through the issuance of new shares in Conduit (the \"Option\"), as announced by the Company on 19 December 2022.\n \nOverview\nConduit originally announced on 9 November 2022 that it had entered into a definitive business combination agreement with Murphy, a 'blank-check' special purpose acquisition company (the \"Conduit-Murphy Transaction\"). The completion of this Conduit-Murphy Transaction is expected to occur in 2023. On 12 May 2023, Murphy made a preliminary proxy statement/prospectus Securities and Exchange Commission Form S-4 filing in the USA, which represents part of the process for progressing the Conduit-Murphy Transaction, and is available for viewing on the United States Securities and Exchange Commission's website.\n \nFor more information, please see Murphy's filing here:\nhttps://www.sec.gov/edgar/browse/?CIK=1896212\n \nShould Cizzle exercise its Option and the Conduit-Murphy Transaction completes, the Company will hold shares in the Conduit-Murphy merged business, thereafter to be called Conduit, which will become a publicly traded company on NASDAQ in the USA. Once issued, the new shares in Conduit to be provided to Cizzle pursuant to the exercise of the Option will not be subject to any restrictions.\n \nAllan Syms, Executive Chairman of Cizzle, commented: \"We consider the filing of the preliminary Form S-4 by Murphy to be a positive step towards completing the merger between Murphy and Conduit, ultimately leading to Conduit becoming a publicly traded business on NASDAQ. The successful exercise of our put Option, wh...