XTL Biopharmaceuticals signed a non-binding letter of intent to acquire a company.
Pursuant to the letter, XTL intends to acquire all of the share capital of the Target Company in consideration for shares of XTL as well as milestone payments throughout the clinical development of the Target Company's products. The milestone payments will be paid in cash or in shares of XTL.
To the best of XTL's knowledge, the Target Company is developing novel chemical combination therapies with clinical and commercial added-value, on the basis of known, active and approved-for-use molecules. To the best of XTL's knowledge, the Target Company has been approved by the FDA to commence phase 3 clinical trials.
Pursuant to the letter of intent, both parties shall provide their best effort to enter into a binding agreement within fourteen (14) days from the date of the letter of intent and to complete all the prerequisites to the transaction within ninety (90) days.
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