Pharmos paid $6.2 million in cash, as well as 6.5 million shares, or around $19 million in total.
Pharmos Corp. (Nasdaq: PARSD) shareholders approved the merger with Vela at their annual meeting yesterday. 83% of the shareholders voted in favor of the merger.
Pharmos paid Vela $6.2 million in cash, as well as 6.5 million shares, making a total of around $19 million. There are various milestones in the future, which, if achieved, will oblige Pharmos to pay another $60 million in cash and shares. The first milestone is a payment of $1 million in cash upon the recruitment of the first patient to start IIb clinical trials.
Published by Globes [online], Israel business news - www.globes.co.il - on October 26, 2006
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