Beyond Air agrees to sell NeuroNOS stake
- Beyond Air (NASDAQ:XAIR) agreed for UNIVO Pharmaceutical Industries to acquire control of NeuroNOS Israel.
- Beyond Air will receive UNIVO shares representing 19.99% ownership and warrants for additional UNIVO shares.
- The transaction includes potential milestone payments of up to $32.5 million tied to development and commercial targets.
Beyond Air (NASDAQ:XAIR) entered a definitive agreement for UNIVO Pharmaceutical Industries to acquire control of NeuroNOS Israel, a neurology-focused biopharmaceutical company in which Beyond Air owns approximately 58% of fully diluted shares.
Under the agreement, UNIVO will purchase Beyond Air’s entire NeuroNOS stake, with Beyond Air receiving UNIVO ordinary shares equal to 19.99% of issued and outstanding shares and warrants representing an additional 19.99% of UNIVO’s outstanding options, warrants, and awards.
The warrants will be exercisable at $0.01 per share for five years, while a separate intellectual property transfer agreement will provide Beyond Air with up to $6.5 million in cash development milestones and up to $26 million in commercial milestones tied to net sales thresholds.
The transaction remains subject to board, shareholder, regulatory, and stock exchange approvals, along with completion of the related investment and other customary closing conditions.
NeuroNOS Israel focuses on neurology-related biopharmaceutical development, while Beyond Air develops therapies based on nitric oxide technology and other medical applications.
The agreement is part of Beyond Air’s portfolio strategy and includes potential future payments linked to NeuroNOS development progress and commercial performance.
