Telomir Pharmaceuticals, Inc. (NASDAQ:TELO) shares started Tuesday -in the red. The Miami-based company, a preclinical-stage biotechnology company developing therapies that target epigenetic drivers of cancer, aging, and age-related disease, today announced that it has executed a binding Letter of Intent to acquire TELI Pharmaceuticals, Inc., securing worldwide rights to its lead investigational therapy, Telomir-1.
The transaction aligns Telomir's U.S. rights with TELI's ex-U.S. intellectual property portfolio, which includes filings across Europe, Canada, Mexico, China, Japan, South Korea, India, Israel, Australia, Argentina, Uruguay, Taiwan, and the United Arab Emirates-creating a single global owner positioned to capture the full commercial value of Telomir-1 across oncology, metabolic, and age-related diseases.
Under the LOI, each outstanding share of TELI common stock will be exchanged for shares of TELO common stock, with the exchange ratio determined by an independent valuation. The transaction also includes up to $5 million in potential contributions, in cash or cash equivalents, from certain TELI shareholders over the duration of the collaboration - $1 million at closing, $2 million upon IND acceptance, and $2 million upon Phase 1/2 initiation - providing additional funding to advance development of Telomir-1. The transaction is subject to shareholder approval.
TELO shares gave up five cents, or 3%, to kick off Tuesday trading at $1.61.
