LONDON: Roquefort Therapeutics (LSE:ROQ), a biotech company focused on developing innovative immunology and oncology medicines, has announced a term sheet agreement for the sale of its subsidiary, Oncogeni Ltd, to The Nations Trust Holding LLC.
The deal is valued at up to $12 million in cash, including upfront and milestone payments.
Roquefort Therapeutics and Nations Trust, a UAE-based conglomerate, plan to finalize a binding share purchase agreement within 60 days. Further details of the transaction will be disclosed upon the agreement’s completion.
The sale involves the transfer of 100% of Oncogeni’s issued share capital. Oncogeni holds exclusive licenses for Mesodermal Killer cell (MK) and STAT-6 siRNA (siRNA) patents, which have been developed in-house by Roquefort Therapeutics since acquiring Oncogeni in 2022.
Ajan Reginald, CEO of Roquefort Therapeutics, said, “The proposed sale of Oncogeni marks an important milestone in our strategy to acquire and develop pre-clinical assets, creating long-term value by advancing the Oncogeni portfolio into clinical trials.”
Nations Trust Holding, a prominent UAE-based conglomerate, brings significant investment and R&D expertise to the collaboration.
Roquefort Therapeutics will provide updates on the progress of the share purchase agreement in the coming weeks.