MIRA Pharmaceuticals in binding LOI to acquire SKNY Pharmaceuticals

MIRA Pharmaceuticals (MIRA) announced that it has signed a binding letter of intent or LOI to acquire SKNY Pharmaceuticals… The transaction includes a $5M capital infusion-comprised of cash or equivalent consideration-into MIRA, reinforcing its financial position and supporting the advancement of SKNY-1, a preclinical-stage oral drug candidate for weight loss and smoking cessation. Under the terms of the LOI, MIRA will acquire SKNY through a stock exchange, whereby SKNY shareholders will receive shares of MIRA common stock at a valuation determined by an independent third-party firm. Additionally, SKNY will contribute $5 M in cash or assets to MIRA at closing. Upon completion, SKNY-1 and all related intellectual property assets will be fully integrated into MIRA, further strengthening MIRA’s portfolio of novel therapeutics…MIRA Pharmaceuticals and SKNY Pharmaceuticals will conduct due diligence during a 90-day period, with both parties working toward executing a definitive agreement. The transaction is subject to regulatory approvals, board approvals, and final due diligence review. Upon closing, SKNY-1 will be fully integrated into MIRA’s development pipeline, with plans to accelerate its path toward further preclinical evaluation.