ADL BioPharma signed a binding agreement to acquire Bioorganic Research and Services S.A. (BME:BNT) from Víctor Infante, Carbures Europe, S.A. (BME:CAR), Inveready Asset Management, S.G.E.I.C., S.A. and other minority shareholders in a reverse merger transaction on November 30, 2017. Post-acquisition, ADL BioPharma’s shareholder (Black Toro Capital LLP) will hold 85% of the entity resulting from integration meanwhile the current shareholders of Bionaturis, being Víctor Infante (39.2% stake), Carbures Europe, S.A (9.7% stake), Inveready Asset Management, S.G.E.I.C. (10% stake) and others, will hold 15%. Bioorganic Research and Services S.A. will increase its capital by €1.44 million, with the issue and entry into circulation of 28.84 million common shares with a nominal value of €0.05 each, with an issue premium of €2.59 per share, which will be fully subscribed by Black Toro Capital. As a result of the transaction, the new name of Bioorganic Research and Services S.A. will be ADL Bionatur Solutions. Pilar de la Huerta will be the Chief Executive Officer (CEO) of the merged entity while Victor Infante will be the CEO of Animal Health Division, Carlos Gispert will be Chief Integration Officer and Rafael Guerras, Chief Financial Officer. The integrated company will request the admission to trading of the new shares in the Alternative Stock Market (MAB), where Bionaturis is now listed. The execution of the binding agreement is subject to the perceptive market, legal and shareholders approvals and the resulting integrated company will keep trading on the Spanish Stock Exchange. The extraordinary meeting of Bionaturis will be held on April 25, 2018 in order to ratify the transaction. As of April 25, 2018, the transaction was approved by the shareholders of Bioorganic Research and Services S.A. Víctor Xercavins and Gerard Correig of Cuatrecasas, Gonçalves Pereira, S.L.P. acted as legal advisors for Black Toro Capital in the transaction. Impulsa Capital and PwC acted as financial advisors in the transaction.