Velan Inc.’s controlling shareholder, Velan Holding, has agreed to sell 72.1% of the company’s outstanding shares to Birch Hill Equity Partners for C$203.9 million. This includes 15,566,567 multiple voting shares and one subordinate voting share. Birch Hill will have the right to appoint up to four nominees to Velan’s Board as long as they hold more than 40% of the voting rights. The transaction also involves two other entities associated with Velan Holding.

Read more at Nasdaq: Velan Holding To Sell Entire Holdings In Velan Inc.