QSAM Biosciences signs term sheet to be acquired by Telix Pharmaceuticals

QSAM Biosciences (QSAM) has signed a non-binding term sheet with Telix Pharmaceuticals, a subsidiary of Telix Pharmaceuticals Limited (TLPPF) providing material terms for the acquisition of the Company by Telix by means of a merger Upon signing of the Term Sheet, Telix has agreed to pay the Company a US$2 million Pre-Closing Collaboration and Option Fee to advance the Company’s development efforts based on mutually agreed goals and to provide sixty days of exclusivity pending completion of diligence and execution of a definitive acquisition agreement. Among the material terms still subject to diligence and definitive agreements, upon closing of the Acquisition, Telix is expected to pay a total of US$33.1 million in Telix stock and up to US$90 million in contingent clinical and commercial milestone payments through a Contingent Value Rights structure. If the Acquisition does not close, the Collaboration Fee will be converted to Company common stock at a price of 6.70 per share.