QSAM Biosciences Signs Term Sheet to be Acquired by Telix Pharmaceuticals; Receives $2 Million Pre-Closing Collaboration and Option Fee
Austin, TX, Nov. 14, 2023 (GLOBE NEWSWIRE) — QSAM Biosciences Inc. (OTCQB:QSAM), a company developing therapeutic radiopharmaceuticals for the treatment of primary and secondary bone cancer and related conditions, has signed a non-binding term sheet (the “Term Sheet”) with Telix Pharmaceuticals (US) Inc., a subsidiary of Telix Pharmaceuticals Limited (ASX:TLX) (collectively, “Telix”) providing material terms for the acquisition of the Company by Telix by means of a merger (the “Acquisition”). Upon signing of the Term Sheet, Telix has agreed to pay the Company a US$2 million Pre-Closing Collaboration and Option Fee (the “Collaboration Fee”) to advance the Company’s development efforts based on mutually agreed goals and to provide sixty days of exclusivity pending completion of diligence and execution of a definitive acquisition agreement.
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