Biospectra, Inc. and BioSpectra Canada, Ltd entered into an agreement to acquire Polydex Pharmaceuticals Limited (OTCPK:POLX.F) for $6.9 million.
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.