Summary by Moomoo AI
ALT5 Sigma Corporation announced on November 19, 2024, the signing of a non-binding term sheet with Soin Bioscience LLC for its proposed acquisition through Alyea Therapeutics Corporation, a wholly-owned subsidiary. The acquisition aligns with ALT5's previously announced plans to separate its biotech and fintech businesses in H1 2025.The acquisition centers on Soin Bio's innovative "clear patch" pain medication technology, designed to provide continuous medication delivery for up to eight hours. The clear, invisible patch can be applied to any pain area, including difficult locations like joints and body creases, and remains effective when exposed to moisture, offering advantages over conventional pain patches.The transaction remains subject to due diligence review, tax structuring, definitive agreements, and customary closing conditions. The technology is currently in the investigational stage and requires clinical trials for FDA approval before market launch.
