Neptune Acquires 6.75M Class A Common Shares in Capital of Acasti Pharma for C$2.30/Share
Neptune Technologies & Bioressources (NASDAQ: NEPT) announces today it has acquired, through the exercise of a previously issued warrant, 6,750,000 Class A common shares in the capital of Acasti Pharma, a majority-owned subsidiary of Neptune. The Shares were acquired at a price of CDN$2.30 per Share upon the exercise of the Warrant. This reflects a total exercise price of approximately CDN$15.5 million. The Warrant was delivered to Neptune pursuant to a royalty prepayment agreement, dated December 4, 2012, entered into between Neptune and Acasti (the "Prepayment Agreement"), under which Acasti has exercised the option embedded in its exclusive technology license agreement dated August 7, 2008 entered into between Acasti and Neptune (the "License Agreement") to pay in advance all of the future royalties payable under the License Agreement.
As a result of the royalty prepayment transaction, Acasti is no longer required to pay any royalties to Neptune under the License Agreement during its term for the use of the intellectual property under license.