Euthymics Bioscience signs LOI to acquire DOV Pharmaceutical

Feb 12 2010

Euthymics Bioscience, Inc., a privately held Delaware corporation, today announced that it has signed a non-binding Letter of Intent (LOI) to merge into and acquire DOV Pharmaceutical, Inc. (DOV), a Delaware corporation currently traded on the Pink Sheets (Pink Sheets: DOVP), for $2.0 million in cash plus payment of certain of DOV's expenses. DOV believes that the contemplated $2.0 million cash payment to shareholders represents approximately $0.015 per share of DOV common stock. If the transaction is consummated, it is anticipated that DOV will be renamed Euthymics Bioscience, Inc.

Completion of the acquisition is subject to the satisfaction of several conditions, including, without limitation, the execution of a definitive merger agreement, the satisfactory completion of due diligence, the completion of financial statements by Euthymics, compliance with applicable laws, approval by DOV shareholders, and other conditions. The LOI provides for an exclusivity period and also for a break-up fee in the event that DOV accepts an alternative offer from a third party.