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EQS Group-News: RELIEF THERAPEUTICS Holdings AG / Key word(s): Takeover
Relief and AdVita Close Definitive Agreement for Relief to Acquire All Outstanding Shares of AdVita
Acquisition Expands Scope of Development of Inhaled Formulation of Aviptadil
Geneva, Switzerland, July 28, 2021 - RELIEF THERAPEUTICS Holding AG (SIX: RLF, OTCQB: RLFTF) ("Relief"), a biopharmaceutical company seeking to provide patients therapeutic relief from serious diseases with high unmet need, today announced that it has closed a definitive agreement to acquire all outstanding shares of AdVita Lifescience GmbH ("AdVita"), a Germany-based, privately held pharmaceutical company developing effective products and strategies to improve the treatment and diagnosis of rare lung diseases.
With the acquisition, Relief has gained additional pending intellectual property rights that may cover RLF-100TM inhaled formulation specifications and the potential application of inhaled aviptadil for the treatment of lung diseases such as acute respiratory distress syndrome (ARDS), pulmonary sarcoidosis and checkpoint inhibitor-induced pneumonitis (CIP).
Under the terms of the agreement, Relief paid AdVita shareholders a total of 135,741,063 Relief common shares, representing EUR 25 million in value based on a 60-day Volume-Weighted Average Price (VWAP) of Relief's common stock, to acquire all outstanding shares of AdVita. In addition, Relief will pay milestone payments of up to EUR 20 million in cash, contingent to achievement of certain regulatory milestones related to AdVita's development programs.
Jack Weinstein, Chief Financial Officer and Treasurer of Relief, said: "We are pleased to close this acquisition, which brings to Relief additional intellectual property concerning inhaled formulations of aviptadil. In addition, the AdVita team has strong expertise with aviptadil that has already been extremely helpful as we advance our plans for the development of the inhaled formulation of RLF-100(TM) for the prevention of COVID-19-related ARDS, as well as other potential lung diseases."
Wolfgang Hoppe, Chief Executive Officer of AdVita, commented: "We are delighted to join the Relief team and are excited about working together to develop inhaled aviptadil with the goal of bringing it to patients with respiratory diseases where there is a need for better treatment options."
In April, Relief and AdVita initiated an investigator-sponsored phase 2 trial with inhaled aviptadil for the prevention of COVID-19-related acute respiratory distress syndrome. The study, "Inhaled aviptadil for the Prevention of COVID-19 Related ARDS" (NCT 04536350), is a randomized, double-blind, placebo-controlled phase 2 trial being conducted at major clinical sites in Switzerland.
RELIEF THERAPEUTICS Holding AG is listed on the SIX Swiss Exchange under the symbol RLF and quoted in the U.S. on OTCQB under the symbol RLFTF. For more information, visit www.relieftherapeutics.com. Follow us on LinkedIn.
Disclaimer: This communication expressly or implicitly contains certain forward-looking statements concerning RELIEF THERAPEUTICS Holding AG and its business. There can be no assurance that Relief will successfully develop the inhaled formulation of aviptadil for any indication nor that aviptadil will ultimately be approved for marketing in any country. Such statements involve certain known and unknown risks, uncertainties and other factors, which could cause the actual results, financial condition, performance or achievements of RELIEF THERAPEUTICS Holding AG to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. RELIEF THERAPEUTICS Holding AG is providing this communication as of this date and does not undertake to update any forward-looking statements contained herein as a result of new information, future events or otherwise.
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RELIEF THERAPEUTICS Holdings AG
Avenue de Sécheron 15
SIX Swiss Exchange
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