Naya Biosciences To Acquire Florida Biotechnologies For $20M Shares Of NAYA Post-Merger With INVO; Florida Biotechnologies Eligible For Additional $5M Upon Certain Milestones Achievement
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Naya Biosciences is set to acquire Florida Biotechnologies for $20 million in shares of NAYA post-merger with INVO Bioscience. Florida Biotechnologies, which has developed a program in collaboration with the University of Miami's Bascom Palmer Eye Institute, is also eligible for an additional $5 million upon achieving certain milestones. NAYA is working on accelerating Phase II clinical development and Early Patient Access after initial safety was demonstrated in a 28-patient clinical trial. The company is also focusing on acquiring clinical and commercial assets in oncology, regenerative medicine, and fertility. The merger with INVO Bioscience is expected to close in the first quarter of 2024, following the recent filing of S-4 and joint draft proxy statements.
January 23, 2024 | 1:47 pm
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INVO Bioscience is expected to merge with Naya Biosciences in Q1 2024, with recent progress marked by the filing of S-4 and joint draft proxy statements. The merger is part of NAYA's strategy to acquire clinical and commercial assets, including those from Florida Biotechnologies.
The merger with Naya Biosciences is a significant event for INVO Bioscience, indicating a strategic expansion and potential growth in the biotechnology sector. The news of the merger progressing positively with regulatory filings is likely to be viewed favorably by investors, potentially leading to a short-term positive impact on INVO's stock price.
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