Nucryst Pharmaceuticals Corp. (NCST, NCS.TO) said that it has agreed to sell substantially all of its operations and assets including all rights to its proprietary nanocrystalline silver technology to subsidiaries of Smith & Nephew Plc (SNN, SN.L) for cash consideration of US$21 million plus the value of working capital and subject to certain adjustments.
Nucryst also entered into an amalgamation agreement with Westaim Corp., which currently owns about 75% stake in Nucryst.
Under the amalgamation agreement, Nucryst will amalgamate with a newly formed subsidiary of Westaim to form Amalco and Nucryst shareholders other than Westaim will receive one redeemable preferred share in the capital of Amalco, which share will be redeemed for US$1.77 in cash upon the completion of the amalgamation.
Completion of the amalgamation is subject to certain conditions including closing of the sale transaction and the approval of Nucryst shareholders.
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