Biospectra, Inc. and BioSpectra Canada, Ltd entered into an agreement to acquire Polydex Pharmaceuticals Limited (OTCPK:POLX.F) for $6.9 million on April 26, 2023. BioSpectra, Inc. and BioSpectra Canada, Ltd will acquire all of the outstanding common and preferred shares of Polydex Pharmaceuticals for total consideration of $6.94 million, of which $6,924,980.02 will be paid for 3,432,478 common shares outstanding and $15,019.98 will be paid for 899,400 Class B Preferred shares outstanding. The price per common share is $2.017.

Polydex Pharmaceuticals will seek an interim order approving the deal from the Ontario Court of Justice. Following receipt of a favorable interim order, Polydex Pharmaceuticals will call a meeting of shareholders to obtain shareholder approval. On May 24, 2023, an Interim Hearing was held in the Ontario Court of Justice and the Interim Order was approved. A Special Shareholders Meeting is scheduled to be held on July 14, 2023 to vote on the acquisition. The board of directors of Polydex Pharmaceuticals has unanimously approved the transaction. Evans & Evans, Inc. acted as an independent financial advisor and provided fairness opinion to Polydex Pharmaceuticals.