Mira Pharmaceuticals (MIRA) said Monday it has a signed a binding letter of intent to acquire Skny Pharmaceuticals via a stock transaction.
Under the terms of the letter of intent, Skny shareholders will receive shares of Mira common stock at a valuation determined by an independent third party firm, Mira said.
The transaction includes a $5 million capital infusion of cash or assets into Mira upon closing.
SKNY-1, a preclinical-stage oral drug candidate for weight loss and smoking cessation, and all related intellectual property assets will be integrated into Mira upon completion of the transaction, the company said.
The two companies will conduct due diligence for 90 days as they work to finalize a definitive agreement. The transaction is subject to regulatory approvals, board approvals, and a final due diligence review, Mira said.
MIRA shares were 4.6% lower in recent premarket activity.
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