Cyclacel Pharmaceuticals to acquire Fitters Sub, a Malaysia-based private company.

Cyclacel Pharmaceuticals has entered into an amendment to the Exchange Agreement with FITTERS Diversified Berhad, exchanging all of FITTERS' subsidiary Fitters Sub's ordinary shares for Cyclacel's common stock. As part of the deal, Cyclacel will issue Purchaser Stock and continue Fitters Sub as a wholly-owned subsidiary. The transaction aims to expand Cyclacel's business presence.

Cyclacel Pharmaceuticals (NASDAQ: CYCC) has amended its Exchange Agreement with FITTERS Diversified Berhad. The revised agreement includes a new cash consideration of $1 million and extends the final date to September 30, 2025 [1]. Under the amended terms, Cyclacel will acquire all ordinary shares of Fitters Sdn. Bhd., making it a wholly-owned subsidiary, in exchange for Cyclacel common stock representing 19.99% of outstanding shares.

The transaction, which requires stockholder approval from both companies, has already received unanimous board approval. This move is expected to expand Cyclacel's business presence and enhance its operational capabilities. The amended agreement reflects the companies' commitment to a successful integration, ensuring a smooth transition and strategic alignment.

The deal underscores Cyclacel's strategic focus on expanding its market reach and strengthening its position in the pharmaceutical sector. By acquiring Fitters Sdn. Bhd., Cyclacel aims to leverage the subsidiary's existing operations and market presence to drive growth and innovation.

References:
[1] https://www.stocktitan.net/news/CYCC/cyclacel-pharmaceuticals-announces-amendment-to-exchange-4m56pbasbsga.html