Kuros Biosciences Ltd. agreed to acquire Netherlands-based Xpand Biotechnology BV in an all-share transaction.
All of Xpand's shares will be exchanged for 2,105,000 new Kuros shares. Xpand will operate as an EU hub for Kuros' clinical and distribution operations.
About 1,365,000 shares will be issued at the closing of the transaction while the remaining 740,000 shares will be issued upon achievement of certain milestones associated with product approvals.
Xpand's orthobiologic MagnetOs was approved for sale in the EU in July and is under regulatory review in the U.S.
Joost de Bruijn, president and CEO of Xpand, and Frank-Jan van der Velden, head of business affairs and finance at Xpand, will join Kuros' executive management team. Additionally, van der Velden and Clemens van Blitterswijk will join Kuros' board. All 15 employees of Xpand will continue working as Kuros employees.
The merger is expected to close within several weeks and is contingent upon the listing of the new Kuros shares on the SIX Swiss exchange, among other things. Xpand shareholders have approved the transaction.