Apricus Biosciences, Inc. (APRI: Quote) announced the closing of its agreement to own Finesco, by way of a share contribution.
Finesco is the French parent and holding company of Scomedica, a leading French healthcare contract sales and marketing organization.
Apricus said that Finesco and Scomedica will operate as wholly-owned subsidiaries of Apricus Bio.
The company stated that under the terms of the agreement, Finesco's existing shareholders contributed to Apricus Bio 100% of the outstanding common stock of Finesco in exchange for 2.6 million newly issued shares of Apricus Bio common stock valued at EURO7 million or US$8.8 million at the closing.
In addition, newly issued shares worth about EURO1.8 or US$2.3 million are due in the first quarter of 2013 if Scomedica achieves certain revenue milestones during 2012, Apricus Bio noted.
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by RTT Staff Writer
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