Avenue Therapeutics Announces First Stage Closing of its Acquisition Agreement with InvaGen (a Cipla subsidiary)

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NEW YORK, Feb. 11, 2019 (GLOBE NEWSWIRE) -- Avenue Therapeutics, Inc. (NASDAQ: ATXI) (“Avenue”), a Fortress Biotech (NASDAQ: FBIO) company, today announced the completion of the first stage closing of the Acquisition Agreement previously announced on November 13, 2018 with InvaGen Pharmaceuticals, Inc. (“InvaGen”), a subsidiary of the leading global pharmaceutical company Cipla Limited.  The Acquisition Agreement has been approved by a majority of Avenue’s stockholders, including a majority of its non-affiliated stockholders, at its shareholder meeting on February 6, 2019. InvaGen has acquired 5,833,333 shares of Avenue’s common stock at $6.00 per share for total consideration of $35 million, representing a 33.3% stake in Avenue’s capital stock on a fully diluted basis. 

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Globe Newswire: 12:30 GMT Monday 11th February 2019

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