Roquefort Therapeutics Provides Update on Lyramid Sale
Why we think this is neutral
The RNS provides an update on the sale of Roquefort's subsidiary Lyramid to Pleiades Pharma, but does not contain any significant financial details or impact. While the completion of the in-licensing deals by Pleiades is a positive step, the transaction is still subject to Pleiades' ability to complete a fundraising by the end of June 2025, which introduces some uncertainty. Overall, the information provided does not indicate a material impact on Roquefort's business, hence the neutral sentiment score.
Key Points
- Roquefort Therapeutics has signed a binding agreement to sell its subsidiary Lyramid to Pleiades Pharma for US$10.8 million
- Completion of the sale is contingent on Pleiades finalizing in-licensing deals and completing a fundraising round by 30 June 2025
- Pleiades has completed the in-licensing of the PapMV and S100A9 programs, satisfying one of the conditions
- Pleiades is confident of completing the remaining fundraising condition on schedule
Summary
Roquefort Therapeutics (LSE:ROQ), a Main Market listed biotech company, has provided an update on the binding share purchase agreement (SPA) signed on 1 February 2025 for the sale of its wholly owned subsidiary Lyramid Pty Ltd to Pleiades Pharma Limited for US$10.8 million.
Completion of the SPA is contingent on Pleiades finalizing certain in-licensing transactions and completing a fundraising round no later than 30 June 2025. Pleiades has now completed the in-licensing of the PapMV cancer/infectious disease vaccine and S100A9 immunotherapy, satisfying one of the conditions. Pleiades has advised that its fundraising is progressing as expected and is confident of satisfying the remaining condition on schedule.
The Company will provide shareholders with further updates regarding the Transaction as appropriate.