OncoQuest completes First Closing of asset sale to Dual Industrial for US $300 million

May 20, 2020

On May 20, 2020, Quest PharmaTech Inc. (TSX-V:QPT) (“Quest”), a biopharmaceutical company developing and commercializing products to improve the quality of life, completed the First Closing of its definitive agreement between its subsidiary, OncoQuest Inc. (“OncoQuest”) and Dual Industrial Co., Ltd., a Korean publicly traded (KOSDAQ) company (“Dual”) involving the sale of OncoQuest’s clinical and preclinical immunotherapy development assets in exchange for US $300 million in a combination of Dual common stock and Dual perpetual convertible bonds.

Per the terms of the transaction, OncoQuest received US $125 million in a perpetual convertible bond, which is convertible into Dual Common Stock or may be redeemed by Dual for cash in the First Closing. The Second Closing, which involves the issuance of the remaining $175 million of Dual common stock, is expected to occur no later than December 31, 2020.

OncoQuest is a private biopharmaceutical company focused on the development and commercialization of immunotherapies for cancer. OncoQuest’s technology platform includes a portfolio of tumor antigen specific monoclonal immunoglobulins including CA-125, MUC1, PSA and Her2/neu.

Miller Thomson advised OncoQuest in the transaction with a team led by Joseph Yurkovich (Corporate/M&A).