EUDA Health Holdings Limited Enters into Letter of Intent for Proposed Merger with TheoremRx Inc.

SINGAPORE, Oct. 05, 2023 (GLOBE NEWSWIRE) -- EUDA Health Holdings Limited (“EUDA” or the “Company”) (NASDAQ: EUDA), a Singapore-based digital health platform that aims to make healthcare more affordable, accessible, and improve the patient experience by delivering enhanced outcomes through personalized healthcare, today announced that it has signed a letter of intent dated October 4, 2023, with respect to the proposed merger with TheoremRx Inc. (“TheoremRx”), a private U.S.-based company focused on the development of new treatments with safe administration, low toxicity, and a high potential for polypharmacy usage to benefit patients suffering from cancer and women’s health conditions.

The two parties have agreed to a 30-day exclusivity period, which may be extended by an additional 15 days by mutual agreement, to negotiate and conduct due diligence with the aim of reaching a definitive agreement. Under the letter of intent, TheoremRx would merge with a subsidiary of EUDA. The legal structure, ownership stake, and name and branding after the transaction will be determined through mutual agreement during the due diligence phase.

“The proposed merger represents an exciting opportunity for EUDA to bolster its market position through the strategic combination with a biotech company with immediate growth and innovation opportunity,” said Dr. Kelvin Chen, Founder and CEO of EUDA. “We believe TheoremRx has strong access to capital and a robust pipeline of compounds addressing high-demand unmet therapeutic areas with near-term inflection points. Its project portfolio is also pre-selected for high upside, with minimal time and cost to reach key monetization milestones. By combining the respective strengths of our two companies’ platforms, we believe that we can help critical new biopharma treatments advance through the clinical trial process while creating significant value for shareholders.”

The completion of the merger is subject to various conditions, including the negotiation of a definitive agreement, regulatory approvals, and the satisfaction of customary closing conditions. There can be no assurance that the merger will be completed or that the proposed terms set forth in the letter of intent will remain unchanged.

About TheoremRx Inc.

TheoremRx Inc. is a company focused on the development of new treatments with safe administration, low toxicity, and high potential for polypharmacy usage to benefit patients suffering from cancer and women’s health conditions. TheoremRx has built a broad portfolio of novel drug candidates targeting unmet medical needs in large market indications where it will advance each asset to partnering and licensing to global pharmaceutical companies. The US-based company operates out of New York, NY and Montreal, Quebec.