Marshall Edwards Inc. (Nasdaq: MSHL), a San Diego-based oncology company focused on the clinical development of novel anti-cancer therapeutics, has reached an agreement to acquire Novogen Limited's (Nasdaq: NVGN) isoflavone-related intellectual property portfolio in a stock-based transaction.
Financial terms of the agreement were not disclosed.
Marshall Edwards currently has licensed rights from Novogen for oncology drug candidates Phenoxodiol, Triphendiol, NV-143 and NV-128.
"We believe this is another important milestone for Marshall Edwards," said Daniel Gold, president and CEO of Marshall Edwards. "The proposed transaction would enable us to maximize the value of the assets we already have under development as well as explore other potential product candidates within the portfolio."
The agreement in principle was negotiated by an independent subcommittee of the board of directors of both companies. The closing of the transaction is subject to, among other things, due diligence, the execution of a definitive agreement, an independent fairness opinion and shareholder approvals.