Reunion Neuroscience Inc. (TSX: REUN / NASDAQ: REUN), a clinical-stage biopharmaceutical company committed to developing innovative and patented therapeutic solutions for underserved mental health conditions is pleased to announce that, earlier today, the Ontario Superior Court of Justice (Commercial List) granted a final order approving the proposed arrangement (the “Arrangement“) under Section 192 of the Canada Business Corporations Act, with affiliates of MPM BioImpact (“MPM“).
As previously announced, the Arrangement was approved by shareholders of the Company at its special meeting of shareholders held on July 12, 2023. Assuming that the remaining conditions precedent are satisfied or waived, Reunion anticipates that closing of the Arrangement will occur on or about July 21, 2023.
On May 31, 2023, Reunion and affiliates of MPM entered into a definitive arrangement agreement (the “Arrangement Agreement“), whereby affiliates of MPM would acquire Reunion in an all-cash transaction valued at approximately US$13.1 million. Pursuant to the terms and conditions of the Arrangement Agreement, all holders of outstanding common shares (“Shares“) of Reunion will be entitled to receive US$1.12 in cash for each Share held immediately prior to the effective time of the Arrangement.
Further details with respect to the Arrangement and certain other closing conditions are described in Reunion’s Management Information Circular dated June 13, 2023 (available on Reunion’s profiles on the SEDAR website at www.sedar.com and on the EDGAR section of the Securities and Exchange Commission’s (“SEC“) website at www.sec.gov).
About Reunion Neuroscience Inc.
Reunion is committed to developing innovative therapeutic solutions for underserved mental health conditions. The Company’s lead asset, RE104, a proprietary, novel, serotonergic psychedelic compound and the only 4-OH-DiPT prodrug in clinical development, is being developed as a potential treatment for postpartum depression that could provide rapid symptom relief and durable efficacy. RE104 is protected under U.S. Patent No. 11,292,765 issued on April 5, 2022 (priority June 30, 2020), with claims for composition of matter, methods of manufacturing, formulations and methods of use for a genus of hemiester tryptamines, including RE104, which could provide protection out to June 30, 2041. Reunion is also developing the RE200 series, which includes preclinical compounds with enhanced receptor selectivity to address additional therapeutic applications.