Kuros Biosurgery Holding and Cytos Biotechnology announce combination to create Kuros Biosciences
On December 3, 2015, Cytos Biotechnology AG (SIX: CYTN) (Cytos) and Kuros Biosurgery Holding AG (Kuros) announced their agreement to combine their businesses. The transaction is structured as a reverse merger in which Kuros’ shareholders exchange their Kuros shares for new Cytos shares, subject to shareholder approval and other conditions. Following the closing, the current shareholders of Cytos will own approximately one-fifth and Kuros’ shareholders will hold approximately four-fifths of the issued shares of Cytos, which will be renamed “Kuros Biosciences AG” and will continue to be listed on the SIX Swiss Exchange. Kuros will become a subsidiary of Kuros Biosciences AG. The aggregate value of the consideration shares as per the Cytos share price on the day of announcement is approx. CHF 160 million.
Kuros is a Zurich-based privately held company focused on the development of products for tissue repair and regeneration. Cytos is a biopharmaceutical company based in Schlieren (Zurich), Switzerland. Kuros Biosciences AG will be led by the existing Kuros executive management team. The board of directors of Kuros Biosciences AG will comprise directors or officers of both Kuros and Cytos.
Kuros is advised by Homburger in this transaction. The Homburger team is led by partner Dieter Gericke (Corporate / M&A) and includes partner Reto Heuberger (Tax), associates Sergio Bortolani and Daniel Häusermann (both Corporate / M&A) and Pascal Meier (Litigation / Arbitration) as well as junior associate Nicolas Jauslin (Corporate / M&A).