11.17.23
Altamira Therapeutics Ltd., a company developing therapeutics that address important unmet medical needs, entered into a binding agreement for the sale of a 51% stake in its subsidiary Altamira Medica AG to a Swiss private equity investor as part of its strategic repositioning around its RNA delivery technology. The transaction is set to close on November 21, 2023.
Medica’s key asset is Bentrio, a drug-free OTC nasal spray utilized for the treatment of allergic rhinitis, which has been cleared by the FDA and is being commercialized in a growing number of countries.
Altamira has agreed to sell the 51% stake in Medica for a cash consideration of about $2.3 million and will retain 49% of the company’s share capital. Altamira will be entitled to receive 25% of Medica’s future licensing income.
“This marks an important first step in our strategic repositioning of the company,” said Thomas Meyer, Altamira Therapeutics’ founder, Chairman and CEO. “We are looking forward to developing the Bentrio franchise together with the new co-owner of Medica. We expect major growth from 2024 onwards from existing distribution agreements as well as from the expansion into key markets in North America, Europe, and other world regions. In parallel, we have been working on the partnering of our AM-125 for the treatment of acute vestibular syndrome as well as other inner ear assets. We anticipate completing our repositioning process in 2024 into a focused RNA delivery company, leveraging our expertise to drive innovation and advance cutting-edge solutions.”
Medica’s key asset is Bentrio, a drug-free OTC nasal spray utilized for the treatment of allergic rhinitis, which has been cleared by the FDA and is being commercialized in a growing number of countries.
Altamira has agreed to sell the 51% stake in Medica for a cash consideration of about $2.3 million and will retain 49% of the company’s share capital. Altamira will be entitled to receive 25% of Medica’s future licensing income.
“This marks an important first step in our strategic repositioning of the company,” said Thomas Meyer, Altamira Therapeutics’ founder, Chairman and CEO. “We are looking forward to developing the Bentrio franchise together with the new co-owner of Medica. We expect major growth from 2024 onwards from existing distribution agreements as well as from the expansion into key markets in North America, Europe, and other world regions. In parallel, we have been working on the partnering of our AM-125 for the treatment of acute vestibular syndrome as well as other inner ear assets. We anticipate completing our repositioning process in 2024 into a focused RNA delivery company, leveraging our expertise to drive innovation and advance cutting-edge solutions.”
