Shareholders at SalvaRx Group PLC's annual general meeting have approved a sale of the company's stake in its main operating subsidiary SalvaRx Ltd. to Portage Biotech Inc. for $67.5 million.

The shareholders of Toronto-based biotechnology company Portage Biotech also consented to the acquisition of SalvaRx Group's 94.2% stake on Jan. 8, in exchange for 757,943,784 Portage shares.

Shareholders of U.K.-based SalvaRx Group will receive 660,593,556 Portage shares on a proportional basis.

SalvaRx Ltd. is a holding company that develops therapies within the immuno-oncology market through its subsidiary.