Orgenesis Inc (ORGS) has released an update to notify the public and investors about an entry into a material definitive agreement.
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On January 29, 2024, Orgenesis Inc. acquired all equity interests in Octomera LLC from MM OS Holdings, L.P., an affiliate of Metalmark Capital. The acquisition agreement included royalty payments of 5% of Octomera’s net revenues to the Seller for certain periods, with the option for Orgenesis to buy out future royalties for $40 million. Additionally, a milestone payment clause was included, where the Seller would receive 5% of net proceeds from any sale of Octomera or change of control, subject to a potential $40 million buyout option by Orgenesis. The agreement also involved indemnifications, legal expense payments capped at $300,000, and the termination of advisory services and outstanding indebtedness arrangements between Octomera and Seller’s affiliates.
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For a comprehensive understanding of the announcement, you can read the full document here.