Monday, NexMed Inc. (NEXM) said it has entered into a definitive agreement to acquire Bio-Quant, Inc., a revenue generating privately-held research organization for in vitro and in vivo contract drug discovery and pre-clinical development services, headquartered in San Diego, CA.
NexMed said that the agreement provides for its issuance of 4,000,000 unregistered shares of its common stock to the Bio-Quant shareholders and a promissory note in the amount of about $12.1 million due on December 31, 2010. NexMed can elect to pay all or any portion of the note by issuing its common stock. Such repayment in common stock is contingent upon NexMed shareholder approval. As a condition to closing, there will be a Bio-Quant shareholders meeting. Certain key shareholders of Bio-Quant have agreed to vote in favor of the transaction.
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