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Investing.com -- Shuttle Pharmaceuticals Holdings, Inc. (NASDAQ:SHPH) stock surged 13% in after-hours trading Tuesday following the announcement of a binding term sheet to acquire Canadian artificial intelligence company 1542770 BC Ltd., known as Molecule.
The proposed $10 million acquisition would transfer substantially all of Molecule’s assets and liabilities to Shuttle or one of its affiliates. The purchase price will be paid through a combination of cash and Shuttle common stock, with the exact mix to be determined by Shuttle. Payment will be distributed over time based on the achievement of certain performance milestones.
The transaction remains subject to several conditions, including satisfactory completion of mutual due diligence and execution of final transaction documents. Both companies intend to finalize one or more definitive agreements to complete the acquisition.
"This proposed acquisition represents an important strategic step toward expanding Shuttle’s technological capabilities and advancing our mission of developing precision radiotherapy solutions," said Chris Cooper, Chief Executive Officer of Shuttle Pharmaceuticals . "Molecule’s AI platform offers cutting-edge tools for molecular modeling and predictive analytics that can enhance our drug discovery and development pipeline."
Molecule specializes in molecular discovery and drug development technologies powered by artificial intelligence. The acquisition would potentially strengthen Shuttle’s technological capabilities in drug discovery and development.
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