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The Board of Henderson Morley plc (“Henderson Morley”), the AIM quoted biotechnology company, is pleased to announce that it has received a Letter of Intent (LOI), from a specialist pharmaceutical company based outside the EU, for the purchase of the intellectual property rights (IPR) of some of Henderson Morley’s human applications in the ICVT portfolio. Henderson Morley has been in discussions with this party for 8 months.
The proposed sale of this IPR is still subject to further negotiation even though discussions are now at a stage where it is anticipated that a deal acceptable to each party will be completed within the next 90 days.
This pharmaceutical company is a profitable, fully integrated pharmaceutical company, and has indicated that it is putting in place specific funding to enable it to fully exploit the further development of ICVT.
The exact deal terms remain under negotiation, and consequently this information has not been included in the LOI. The Board believes that it is premature at this point to be able to guide shareholders as to the likely proceeds from this transaction, although based on terms discussed the Henderson Morley Board does not anticipate that shareholders approval will be required for the disposal.
The applications under discussion specifically exclude ocular, veterinary and the orphan indications of ICVT, which will be retained by Henderson Morley.
Simultaneously, Henderson Morley continues to negotiate with other parties in respect of the sale of ICVT applications.
Commenting on the Letter of Intent, Executive Chairman Andrew Knight said: “The sale of the human applications of ICVT, when concluded, will be the first step towards Henderson Morley’s stated strategy to refocus the business as a ‘Pure Play’ vaccine company.”
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