Orgenesis Inc (ORGS) has released an update to notify the public and investors about an entry into a material definitive agreement.
Orgenesis Inc. entered into a binding Term Sheet for the acquisition of all equity interests in Octomera LLC from MM OS Holdings L.P., with the consideration involving the termination of an advisory services agreement, amendment of outstanding loans, a 5% royalty on net revenue for four years with a buyout option, a milestone payment if Octomera is sold within five years, and settlement of all outstanding ownership claims. Upon closing, Octomera will also assume and pay the Seller’s legal expenses up to $300,000. The parties will negotiate definitive agreements to finalize the Acquisition.
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