8 May 2016
USA-based Marina Biotech, a nucleic acid-based drug discovery company, and privately-held Swiss firm Turing Pharmaceuticals have executed a term sheet under which Marina intends to acquire Turing’s intranasal ketamine program.
Pending the negotiation of the definitive agreement, Marina is expected to acquire Turing’s intranasal ketamine program for approximately 53 million Marina common shares.
The assets to be acquired will include all patents and intellectual property rights, clinical development plans, regulatory documents and existing product inventories. As per the term sheet, Marina will pay to Turing up to $95 million in success- and sales-based milestones plus a mid-single digit royalty on net sales. Further terms of the proposed transaction were not disclosed.