Radient Pharma moves to acquire Provista Diagnostics via stock deal

Radient Pharmaceuticals has entered into a letter of intent to acquire fellow USA-based Provista Diagnostics, biotech company marketing blood tests for breast cancer and other diseases, in a stock-for-stock transaction, when respective due diligence for both companies is successfully completed.

The rationale for the merger is that Provista has all rights, patents and trade marks for diagnostic technologies that Radient, a maker and marketer of diagnostics and therapeutic products, believes will strengthen and complement its core business. Financial details of the proposed transaction were not revealed.

Completion of the deal is subject to customary closing conditions, including Radient shareholder's approval and securing satisfactory legal and operational due diligence by both companies. If the conditions to be satisfied are not fully met in a timely fashion (ie, within 90 days), the merger contemplated by the LOI may not occur.