Canada-based ESSA Pharma has announced the completion of its acquisition by XenoTherapeutics, a US-based research foundation focused on advancing xenotransplantation therapies.

Under the terms of the agreement, Xeno Acquisition Corp., a wholly owned subsidiary of XenoTherapeutics, acquired all outstanding common shares of ESSA for approximately USD 0.1242 per share, along with one contingent value right (CVR) per share. Each CVR entitles holders to receive up to an additional USD 0.14 per share, payable within defined periods following the close of the transaction. The potential CVR payments represent an aggregate of up to USD 6.7 million that may be distributed to CVR holders depending on the outcome and related expenses of certain contingent liabilities.

The Supreme Court of British Columbia granted final approval for the arrangement on October 7, 2025. Following the completion of the acquisition, ESSA has requested that the Nasdaq Capital Market file a Form 25 delisting application to remove its common shares from listing. The company also plans to terminate the registration of its common shares under the US Securities Exchange Act of 1934 approximately 10 days after closing of the acquisition.

Leerink Partners LLC acted as ESSA’s exclusive financial advisor for the transaction, while Blake, Cassels & Graydon LLP and Skadden, Arps, Slate, Meagher & Flom LLP served as its Canadian and US legal counsel, respectively.

Headquartered in Vancouver, British Columbia, ESSA Pharma was previously engaged in developing novel and proprietary therapies for the treatment of prostate cancer.