Strand Life Sciences has acquired a 68% stake in Venaxis. Under the deal, Strand’s shareholders, along with employees and directors who hold options in Strand, will own directly and beneficially approximately 68% of Venaxis, with the rest in the hands of Venaxis shareholders.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”3″ ihc_mb_template=”2″ ]
According to Majmudar & Partners, which was the Indian counsel to Venaxis on the deal, the transaction was complicated and was structured as stock purchases of the Strand shares from the Strand shareholders by Venaxis, followed by an immediate reinvestment of the sale proceeds by Strand’s shareholders into Venaxis common stock, to be completed in two closings. The transaction also involved the purchase of substantially all of the assets and liabilities of Strand Genomics by a Venaxis subsidiary.
Venaxis is an in vitro diagnostic company, which has focused on the clinical development and commercialization of its CE Marked APPY1 Test, a rapid blood-based test for appendicitis.
Strand is a genomic profiling company that uses next-generation sequencing technology to personalize cancer care. The transaction seeks to align Strand’s technological expertise in genomic profiling, bioinformatics and data curation using Venaxis’ financial resources, listed status and management team.
Ballard Spahr advised Venaxis on the deal. Majmudar partner Rukshad Davar led the Indian legal team which acted for the company.
BakerHostetler advised Strand on the deal, while Trilegal advised it on Indian law elements.
[/ihc-hide-content]
