Suzhou Ribo Life Science (HKG:6938) agreed to acquire a 49.71% interest in Ribocure Pharmaceuticals from the latter's minority shareholders, a Monday Hong Kong bourse filing showed.
The transaction will be done through a share swap, under which each minority shareholder of the target will receive 15 consideration shares in the company for each share transferred.
The nearly 14.2 million consideration shares represent roughly 7.63% of the company's enlarged issued share capital.
Upon completion, the clinical-stage biotechnology company will be wholly owned by Ribo Life Science.
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