Exonhit to acquire InGen BioSciences for 18 million euros

French drug discovery and development firm Exonhit Therapeutics (ALEHT:FP) has entered into an agreement to acquire 100% of InGen BioSciences from its founders and financial shareholders, IPSA (ex Innoven Partenaires) and funds managed by Amundi Private Equity Funds.

The total purchase price of 18 million euros ($23.1 million) will be paid in cash for 8 million euros and the balance in Exonhit stock, to be issued to InGen BioSciences’ shareholders. Subject to customary precedent conditions as well as a financing through a private placement, this acquisition is expected to close in December 2012 following approval from Exonhit’s shareholders.

As part of this transaction, Exonhit will undertake in the next few days a financing through a private placement with institutional investors, per article L.411-2 II of the French monetary and financial Code, for approximately 6 million euros to fund the cash portion of the acquisition. The balance of the cash payment, approximately 2 million euros, will be funded with existing company cash.