Aeterna Zentaris, Ceapro to Combine

Dow Jones2023-12-14

By Adriano Marchese

Aeterna Zentaris and Ceapro have agreed to merge by way of share-exchange.

The two biopharmaceutical development companies said Thursday that their aim in combining is to create a long-term sustainable business able to deliver value.

The merger will bring together recurring revenue from existing Ceapro products which will help support the business' expansion plans and create a diversified commercial and development product pipeline.

The companies said that the combination will strengthen the balance sheet and offer new operational synergies thanks to bringing together established pharmaceutical research and development capabilities.

Under the terms of the agreement, each outstanding Ceapro common share will be exchanged for 0.09439 of an Aeterna common share, which will result in Ceapro becoming a wholly-owned subsidiary of Aeterna.

Additionally, Aeterna will issue to its shareholders immediately before closing the transaction, 0.47698 of a share purchase warrant for each Aeterna common share exercisable to purchase one common share of Aeterna at a nominal exercise price of 1 cent.

The transaction is expected to close in the first quarter of next year, and a new name for the combined company will be announced in the coming weeks.

Write to Adriano Marchese at adriano.marchese@wsj.com

(END) Dow Jones Newswires

December 14, 2023 08:19 ET (13:19 GMT)

Copyright (c) 2023 Dow Jones & Company, Inc.

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