Willow Biosciences, a biotechnology company focused on industrial manufacturing of ingredients, announced that it has entered into a definitive agreement to sell its wholly owned operating subsidiary, Epimeron USA, including the company’s biotechnology business, intellectual property and R&D team, for $3.38 million in cash.
It said the transaction is the culmination of the company’s previously announced strategic review.
The company intends to apply a portion of the net proceeds to debt reduction, and will retain the remainder of the proceeds pending a review of its futures cash requirements and potential opportunities, with a view to maximizing shareholder value.
Closing of the transaction is expected to occur on or about April 30, 2025, subject to customary closing conditions. The transaction has been approved unanimously by Willow’s board, which has determined that the transaction is in the best interests of Willow and its shareholders and unanimously recommends that shareholders vote in favor of approving the transaction at the meeting.
