Venture-backed Telesta to be acquired by ProMetic Life Sciences

ProMetic Life Sciences Inc (TSX: PLI) has agreed to acquire Telesta Therapeutics Inc (TSX: TST), a Montréal-based company focused on the acquisition and development of therapeutics that treat cancer and other diseases. The deal, expected to close in November, will see ProMetic acquire Telesta's share capital at a price of $0.14 payable in ProMetic common shares. ProMetic, a Laval, Québec-based biopharmaceutical company, said the acquisition provides several strategic benefits. Founded in 1999, Telesta raised US$28.6 million from U.S. venture capital investors last year. ProMetic has secured funding from Thomvest Seed Capital.

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