February 11, 2020 / 6:28 PM / 14 days ago

BRIEF-Onxeo Concludes Settlement Agreement With SpePharm And SpeBio

Feb 11 (Reuters) - Onxeo SA:

* CONCLUDES A FRIENDLY SETTLEMENT AGREEMENT WITH SPEPHARM AND SPEBIO

* TERMS OF AGREEMENT DO NOT AFFECT HORIZON OF ONXEO TREASURY

* THIS AGREEMENT FULLY BALANCES ALL OF THE PROCEEDINGS IN THE DISPUTE BETWEEN THE PARTIES FOR MANY YEARS

* ONXEO IMMEDIATELY SELLS ITS SHARES IN SPEBIO TO SPEPHARM AT THEIR NOMINAL VALUE, THEREBY TRANSFERRING ITS SHARE OF THE CASH OF THE JOINT VENTURE AMOUNTING TO APPROXIMATELY €3.5M

* TERMS OF AGREEMENT DO NOT AFFECT CURRENT CASH FLOW OF COMPANY AND ITS ESTIMATED VISIBILITY UNTIL Q3 OF 2020

* WILL PAY 15 TO 20% OF NET CASH RECEIVED ON FUTURE COMMERCIAL AGREEMENTS CONCERNING ONXEO’S RESEARCH AND DEVELOPMENT ASSETS FOR A TOTAL CUMULATIVE AMOUNT OF €6M WITHIN THE NEXT 4 YEARS

* PROVISIONS IN CONSOLIDATED ACCOUNTS AT DECEMBER 31, 2019: PROVISION FOR DEPRECIATION OF EQUITY SECURITIES IN THE AMOUNT OF 3.6 MILLION EUROS, AS A RESULT OF THE SALE OF SPEBIO SHARES AT THEIR NOMINAL VALUE

* SETTLEMENT AGREEMENT INCLUDES IMMEDIATE COMPLETE AND FINAL WITHDRAWAL OF THESE LAST TWO PENDING ACTIONS AS WELL AS ANY AND ALL FUTURE CLAIMS OR CAUSES OF ACTION BETWEEN PARTIES LINKED TO THEIR PREVIOUS DISPUTES

* PROVISIONS IN CONSOLIDATED ACCOUNTS AT DECEMBER 31, 2019: PROVISION FOR RISKS OF 6 MILLION EUROS, CORRESPONDING TO THE ADDITIONAL PAYMENTS LINKED TO THE GROUP’S FUTURE LICENSE AGREEMENTS

* PROVISIONS IN CONSOLIDATED ACCOUNTS AT DECEMBER 31, 2019: TOTAL CHARGE WILL BE BOOKED UNDER “OTHER OPERATING INCOME AND EXPENSES” Source text for Eikon: Further company coverage: (Gdansk Newsroom)

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