Citius Pharma plans to acquire Leonard Meron Biosciences

Citius Pharmaceuticals (Nasdaq: CTXR) has entered into a non-binding letter of intent to acquire all of the outstanding shares of fellow USA-based Leonard Meron Biosciences (LMB), a company founded in 2013.

Closing of the acquisition is subject to due diligence, definitive merger documentation, and closing of additional financing and other customary formalities.  Citius is expected to issue shares of its stock in exchange for shares of LMB in which, after the completion of the transaction, all prior common shareholders of LMB will retain approximately 49% of the common stock in Citius. Further financial terms were not disclosed.

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