Nuvo Pharmaceuticals Agrees to be Acquired by Searchlight Pharma

Nuvo Pharmaceuticals Inc. on Friday said it entered into an agreement with Searchlight Pharma Inc. to have all of its issued and outstanding shares be acquired for 1.35 Canadian dollars (99 U.S. cents) each in an all-cash deal.

Nuvo, which does business as Miravo Healthcare, and Searchlight, a private Canadian-based specialty healthcare company, said the deal is expected to close in the first quarter of 2023, pending court and shareholder approval.

The purchase price represents a total enterprise value of Nuvo Pharmaceuticals of about C$91.4 million, the companies said.