SRX Global acquires Vistagen stake, terms undisclosed
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- SRX Global acquired an undisclosed stake in Vistagen Therapeutics.
- SRX shares were unchanged at $1.44 in premarket trading.
- SRX said it may discuss shareholder-value proposals with Vistagen’s leadership and board.
SRX Global acquired an undisclosed Vistagen Therapeutics (NASDAQ:VTGN) stake on August 4, adding a late clinical-stage neuroscience investment.
SRX disclosed no purchase price, ownership percentage or terms, despite reporting $40 million in cash and over $15 million in short-term investments in June.
SRX said it views Vistagen shares as undervalued and may discuss shareholder-value proposals with management and the board.
SRX described Vistagen as developing intranasal pherines targeting nose-to-brain neurocircuitry, but disclosed no investment size, costs or development deadlines.
Following the announcement, SRX Global's share price was unchanged at $1.44 in premarket trading.
The deal follows SRX’s Jersey Mike’s $1 billion IPO purchase and 4.99% Smartkem investment, whose proposed Ferrox merger awaits approvals.
SRX also authorized repurchases of up to 10 million shares or 50% outstanding and declared a one-time $0.05 dividend.
