Oxurion NV (ENXTBR:OXUR) signed a letter of intent to acquire 80% stake in Contract Research Organisation for ?9.8 million on July 8, 2024. Payment would be made in three steps: an initial payment of ?4.39 million at closing , an earn-out of up to ?4.39 million conditional on achieving an EBITDA of ?860,000 in 2024 and a payment of ?1 million payable in June 2025. Funding for the transaction will be secured at the level of an Oxurion's subsidiary, through a mix of debt financing (non dilutive) and funding on Oxurion level (than can be either a shareholder loan or equity/quasi equity financing).

The transaction is subject to the completion of due diligence work, which is due to start in July, with completion scheduled for the end of September 2024. Signature of the definitive documentation is scheduled for October 2024 at the latest.