Roquefort Therapeutics signs term sheet for $10 million sale of subsidiary

LONDON: Roquefort Therapeutics (LSE:ROQ), a publicly traded biotech company, announced it has signed a term sheet for the sale of its wholly-owned subsidiary, Lyramid Pty Ltd, to Pleiades Pharma Limited. The proposed deal values Lyramid at a minimum of $10 million.

Roquefort and Pleiades plan to finalize the transaction within 30 days. The agreement includes the sale of 100% of Lyramid’s shares for equity in Pleiades and potentially upfront cash. Completion is contingent on Pleiades’ fundraising efforts and in-licensing transactions.

Following the sale, Roquefort will retain a significant equity stake in Pleiades, a private company with clinical and pre-clinical programs. Lyramid holds patents and licenses for Roquefort’s mRNA, oligonucleotide, and antibody programs, acquired for £1 million in 2021.

Pleiades, led by CEO Caroline Fontier, has a history of significant trade sale exits. The term sheet supersedes Roquefort’s previous antibody licensing partnership with PDC-CRO, which remains a strategic partner.

Roquefort CEO Ajan Reginald stated, “The sale of Lyramid validates our strategy to acquire, develop, and realize value through licensing and trade-sale transactions.”

Roquefort will provide further updates as the binding share purchase agreement progresses.

Roquefort Investments acquires Lyramid Pty Limited for £1 million