LONDON, UK: Net Zero Infrastructure (NZI), a company listed on the London Stock Exchange, has signed a letter of intent with QuiaPEG, a Swedish drug development company, to license its patented drug delivery platform, Uni-Qleaver, for 12 months, with an option to buy it at the end of the period.
The deal, if completed, will be a reverse takeover, as NZI will change its business to focus on QuiaPEG’s technology. QuiaPEG’s shares are traded on Nasdaq First North Growth Market.
The letter of intent is non-binding, except for some terms such as due diligence, costs, exclusivity, confidentiality and governing law. NZI’s shares are suspended until it publishes a prospectus and applies for listing on the Standard Segment of the Official List and the Main Market.
NZI’s Chairman, Mike Elwood said: “QuiaPEG is an exciting drug development company with a very strong management team. We have known the team for some time and believe that this will be a perfect fit for our business. Whilst we have moved from our original renewable focus due to market conditions, the Board believes that this drug development opportunity is considerable and the transaction is in the best interest of shareholders.”
Per Thoresen, Chairman of QuiaPEG, added: “We are looking forward this opportunity with NZI and listing the business on the LSE. The prospect of successfully developing our existing pipeline and advancing our patented drug delivery platform, Uni-Qleaver® looks promising.”