Kuros Biosciences AG (SWX:KURN) signed a combination agreement to acquire Xpand Biotechnology BV for CHF 19.4 million on December 19, 2016. Under the terms of the transaction, Kuros will issue a total of up to approximately 2.10 million shares for all outstanding Xpand shares. Approximately 1.37 million of these shares will be issued to the sellers immediately upon closing of the transaction. A further 0.74 million shares will be issued upon achievement of certain milestones associated with product approvals. Kuros intends to continue the operational activities of Xpand Biotechnology in Bilthoven and to absorb all 15 employees. Thus, the number of employees of Kuros will double. Joost de Bruijn, President and Chief Executive Officer of Xpand, and Frank-Jan van der Velden, Head of Business Affairs and Finance at Xpand, will join Kuros’ executive management team. In addition, van der Velden and Clemens van Blitterswijk will be proposed to the next Annual Shareholders’ Meeting as new members of Kuros’ Board of Directors. The companies have undertaken reciprocal due diligence. Closing of the transaction is contingent upon certain conditions, amongst others the issuance of a listing prospectus and the listing of the new Kuros shares on the SIX Swiss Exchange. As on January 25, 2017, due diligence for the transaction was completed. The Board of Directors of Kuros and Xpand and shareholders of Xpand have approved the transaction. Approval from Kuros’ shareholders is not required for the acquisition. Following the transaction, the current shareholders of Kuros will own 79% of the company’s capital resulting from the merger. Once all of the milestones are reached, their stake will be reduced to 71%. Closing is expected within the next few weeks. Matthias Staehelin, Gian-Andrea Caprez, Angelo Imperiale and Angela Oppliger of Vischer acted as the legal advisor for Kuros. Kuros Biosciences AG (SWX:KURN) completed the acquisition of Xpand biotechnology BV on January 23, 2017. Xpand biotechnology was renamed as Kuros Biosciences B.V. as part of the transaction.