Aratana Therapeutics Acquires Okapi Sciences NV

(RTTNews) - Aratana Therapeutics Inc. (PETX), a biopharmaceutical company focused on the licensing, development and commercialization of innovative medications for pets, announced Monday that it has acquired Okapi Sciences NV, a Belgium-based company with a proprietary pet therapeutics antiviral platform and five clinical/development stage candidates for treating important viral diseases.

Aratana said it plans to continue to advance the current Okapi pipeline of high value antiviral drugs, including its feline herpes and feline immunodeficiency virus franchises.

As per the terms of the stock purchase agreement for the Okapi Sciences acquisition, Aratana paid to Okapi Sciences' equity holders at the closing about 10.3 million euros in cash and issued a promissory note for 11 million euros with a maturity date of December 31, 2014, subject to mandatory prepayment in the event of an equity financing, and agreed to pay an additional 12 million euros in cash or shares of common stock calculated in the manner specified in the purchase agreement within 90 days, subject to mandatory prepayment in cash in the event of an equity financing.

In connection with the transaction, stockholders of Aratana owning about 13 million shares of common stock extended the restricted period under their existing lock-up agreements with the company through 5:00 p.m., Eastern Time, on February 12, 2014.