Roquefort Therapeutics PLC (LON: ROQ) has agreed to sell its subsidiary, Oncogeni, to UAE-based Nations Trust Holding in a deal worth up to $12 million (£9.3 million).
The agreement, which includes an upfront payment and milestone-based payouts, is currently at the term sheet stage. Both parties have outlined the key terms but must finalise a binding contract within the next 60 days.
Oncogeni holds the rights to two promising biotech assets—Mesodermal Killer (MK) cells and STAT-6 siRNA—being developed for cancer and immune system treatments.
Principal Transaction Terms
The Term Sheet includes the following principal terms:
· Sale of 100% of the issued share capital of Oncogeni to Nations Trust; and
· Cash consideration of US$12 million consisting of upfront and milestone payments.
Roquefort acquired Oncogeni in 2022 for £5 million in shares and has since progressed its development while expanding its patent portfolio.
The planned sale is expected to provide Roquefort with a substantial cash injection, enabling the company to concentrate on other strategic areas of its business.
Nations Trust, a leading investment and research firm in the UAE, will assume full ownership of Oncogeni’s intellectual property and biotech projects.
CEO Ajan Reginald stated: The proposed sale of Oncogeni is an important step towards completing the initial phase of the Company’s strategy to acquire and develop pre-clinical assets and to then realise value through completing trade-sale transactions. We are pleased to be working with such a well-funded and highly resourced partner to take the Oncogeni portfolio into clinical trials, which if successful, will create long term value for the Company.”
Board Changes
Roquefort Therapeutics, announces a planned leadership transition.
CEO and Director Ajan Reginald has informed the company of his intention to resign, while Prof. Sir Martin Evans has also tendered his resignation as Non-Executive Director. Both resignations will take effect at the close of business on 17 March 2025.
Dr. Darrin M Disley OBE, currently serving as a Non-Executive Director, will be appointed Interim Managing Director, effective from the same date.
Chairman Stephen West commented: “I would like to thank Ajan for his contribution during his time as CEO of Roquefort Therapeutics and am pleased that he is remaining as a consultant to the business to oversee the Lyramid and Oncogeni transactions. I would like to wish Ajan and Sir Martin well with their future endeavours. At the same time I would like to welcome Darrin as Interim Managing Director and look forward to working with him on communicating the forward strategy of the Company, which will build upon the change in leadership and the successful completion of the Lyramid and Oncogeni transactions.”
