Business
Potential demerger of certain non-core assets
Potential demerger of certain non-core assets.
About this update from Hvivo Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 2669V\n Open Orphan PLC\n 13 April 2021\n \n \n \n \n \n \n \n NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT\n \n \n \n \n \n THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 (\"MAR\"). WITH THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n \n \n \n Open Orphan plc\n \n \n (\"Open Orphan\" or the \"Company\")\n \n \n \n \n \n Potential demerger of certain non-core assets\n \n \n Proposed Capital Reduction, Distribution in Specie and notice of General Meeting\n \n \n \n \n \n \n Open Orphan plc\n \n (AIM: ORPH), a rapidly growing specialist pharmaceutical services clinical research organisation (CRO) and a world leader in vaccine and antiviral testing using human challenge clinical trials,\n announces that \n it is at an advanced stage in planning for a possible spin-out \n of certain non-core Development IP Assets. These Development IP Assets are a portfoilio of intellectual property and development assets, \n including HVO-001 which has potential application in the treatment of respiratory disease. These do not include the equity interests in \n Imutex Limited and PrEP Biopharm Limited.\n \n \n \n \n \n The Board believes that to maximise shareholder value that the Development IP Assets are best developed separately from the core services business. Furthermore, such a spin-out transaction could provide the opportunity to secure separate financial resources for these assets, to enable accelerated development of these assets and achievement of commercial milestones. A spin-out transaction would also allow Shareholders to benefit from both the value of the development assets and the standalone value of the core services business, as they progress through their own key milestones.\n \n \n \n \n \n To this end, a circular (a \"Circular\") is being sent to shareholders today providing background to, details of and reasons for, a prop...