AH: Heidelberg Pharma Sells Minority Shareholding in Emergence Therapeutics
- US pharma company Eli Lilly and Company acquires all shares of ADC developer Emergence Therapeutics
- Heidelberg Pharma is one of the founding investors and will receive about USD 7 million after closing
- Depending on collateral commitments and long-term milestones, further inflows of up to USD 5 million are possible
Ladenburg, Germany, 29 June 2023 - Heidelberg Pharma AG (FSE: HPHA) announced today that Eli Lilly and Company will purchase the shares in Emergence Therapeutics AG, Duisburg, Germany, (Emergence), including shares from the conversion of the Emergence convertible bonds, that are held by its subsidiary Heidelberg Pharma Research GmbH as part of Eli Lilly and Company’s acquisition of all of the outstanding shares of Emergence.
As a result of the transaction, Heidelberg Pharma expects a cash inflow of about USD 7 million in 2023. If defined guarantees are fulfilled and depending on clinical and regulatory milestones further inflows of up to USD 5 million are possible.
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