Marizyme Inc. entered an agreement to buy Somahlution LLC and its intellectual properties, which include vascular graft treatment DuraGraft.
As part of the agreement, Somahlution's shareholders will receive 10 million restricted shares of Marizyme. Shareholders will also receive warrants to buy an additional 3 million of Marizyme's restricted common stock at $5 each.
Somahlution shareholders will also receive performance-based warrants and royalties on the net sales of their products.
The agreement will be canceled if Marizyme does not raise at least $10 million by Feb. 28, 2020, to develop Somahlution's products after the acquisition, or if the two companies decide to mutually call off the deal before the deadline.
Marizyme is a biotechnology company that treats heart, vein and artery problems. Jupiter, Fla.-based biotechnology company Somahlution makes products for organ transplants.