Skinvisible Pharmaceuticals (OTCQB: SKVI) has entered into a non-binding term sheet regarding a proposed merger with Quoin Pharmaceuticals Ltd. per the company’s announcement this morning. The completion of the proposed merger is subject to the negotiation of a definitive agreement and other customary closing conditions including tax, accounting, legal, and regulatory conditions. The new company would continue trading on the OTCQB market under the name Quoin Pharmaceuticals Inc. and is expected to have a robust product portfolio addressing major unmet medical needs. Post-merger, the new company will be 72.5% owned by Quoin shareholders and Skinvisible shareholders will own 27.5%, prior to any effect from financing activities. The company anticipates the merger will take place in early 2018. “This potential merger with Quoin is the best option for our company and may offer significant value to shareholders as Quoin commences and progresses with its clinical development plans. We look forward to working with Quoin’s team of experts to maximize the product development opportunities,” Skinvisible president Terry Howlett stated in the news release.
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Skinvisible Pharmaceuticals, Inc. (SKVI) Enters Non-Binding Term Sheet for Proposed Merger with Quoin Pharmaceuticals
