vTv Therapeutics Inc (NASDAQ: VTVT) has signed an agreement including a $25 million G42 Investments AI Holding RSC Ltd investment.
G42 Investments acquired 10.38 million vTv shares
According to the agreement terms, G42 Investments bought around 10.38 million vTv Class A Common Shares at $2.407 per share. In addition, G42 Investments will pay $12.5 million in cash upfront upon closing, with the rest payable on May 31, 2023. Also, the agreement terms stipulate that G42 Investments will receive additional Class A Common shares of vTv worth $30 million or cash in place of the issuance of the US FDA approval for the sale and marketing of a pharmaceutical candidate that contains TTP399. TTP399 is a liver selective glucokinase activator that is the active ingredient in Type 1 diabetes treatment in the US.
The agreements spell out the conditions through which vTv and a G42 affiliate will cooperate on clinical studies for pharmaceutical drugs comprising TTP399, along with G42’s partner financing a part of TTP399’s Phase 3 clinical studies and vTv awarding G42’s subsidiary an exclusive permit to establish and market TTP399-containing pharmaceutical products in some regions outside of the US and the EU.
G42 brings a commitment to helping vTv therapeutics develop new drugs and treatments
vTv interim CEO Rich Nelson said, “G42 Healthcare brings a unique combination of a strong commitment to the development of new impactful drugs and treatments, as demonstrated by their success and their leadership on COVID-19 testing and other product and service offerings in the healthcare spectrum, and substantial resources, making them an ideal partner for this program.”
G43 Healthcare Chief Operating Officer Fahed Al Marzooqi commented, “we have a deep commitment to collaborating with international organizations to share our knowledge and expertise in the consumer and clinical health spectrum, and we look forward to working together with vTv to further develop and commercialize this important treatment. As we move ahead, we will continue to join forces with the world’s best to innovate and invest in science and create the next wave of medicines to future-proof the health of nations.”