- NAYA Biosciences entered into a binding letter of intent to buy Florida Biotechnologies Inc, a gene therapy company focusing on the treatment of mitochondrial diseases.
- NAYA entered into a binding term sheet with Florida Biotechnologies Inc to buy all of the outstanding capital stock of Florida Biotechnologies for $20M in shares of NAYA post-merger with INVO, or 4M shares, each worth $5.00.
- Florida Biotechnologies is eligible for an additional $5M or 1M shares each worth $5.00, upon achievement of certain milestones.
- The Florida Biotechnologies deal is contingent on the closing of the INVO merger and sufficient financing to further develop the gene therapy programs from Florida Biotechnologies.
- In conjunction with this transaction, Peter Kash will join NAYA’s board of directors as Vice Chairman.
- NAYA expects to close its previously announced merger with INVO Bioscience (NASDAQ:INVO) in Q1 2024 following the recent filing of S-4 and joint draft proxy statements.
- Source: Press Release