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- Agile Therapeutics (OTC:AGRX) said on Wednesday that the Spain-based pharmaceutical group Insud Pharma is set to acquire the women’s healthcare company, valuing AGRX at an enterprise value of ~$45M.
- Insud’s U.S. subsidiary, Exeltis Project, will merge with Agile as part of the transaction.
- The transaction is priced at $1.52 per share in cash.
- The merger consideration also includes an up to $8M line of credit, or a bridge loan, from Insud to Agile.
- Additionally, AGRX is set to cancel certain outstanding common stock warrants, conditioned on closing of the merger.
- Also, Agile is set to amend its manufacturing and commercialization agreement with Corium Innovations, as a condition to entering into the merger agreement.
- AGRX board has unanimously approved the transaction.
- The transaction is expected to close in Q3.
- Source: Press Release