YM Biosciences to acquire Eximias

YM BioSciences, a Canadian cancer product development company, says that it has entered into a definitive agreement to acquire Eximias Pharmaceutical Corp, a privately-held US pharmaceutical firm engaged in the acquisition, development and commercialization of products for the treatment of cancer and cancer-related disorders. On completion of the transaction, Eximias will become a wholly-owned subsidiary of YM, operating as YM BioSciences USA Inc, and will serve as the Canadian group's base of operations in the USA. Eximias currently employs a seasoned management team and has cash resources in excess of $30.0 million.

The merger consideration will consist of part-cash and part-common shares of YM, with at least $25.0 million of the merger consideration consisting of YM common shares. The deal has been clearaed by the boards of directors of both companies and by the stockholders of Eximias. YM shareholders' approval is not required.