**Summary**
EMV Capital plc, a deep tech and life sciences venture capital investment group, announced that its subsidiary, Moirai Acquisitions Limited (Bidco), has entered into an asset purchase agreement (APA) with Destiny Pharma Limited, a company in liquidation. The agreement involves the acquisition of certain assets related to Destiny Pharmas XF drug platform, specifically the compound XF-73, for a total consideration of up to £2,475,000. The XF platform is a novel, ultra-rapid mechanism designed to reduce bacterial resistance and offers advantages over traditional antibiotics.
**Key Terms of the APA**
**Initial Consideration** £475,000 (plus VAT) funded by a third-party syndicated loan with warrant coverage.
**Deferred Consideration** Up to £2 million (plus VAT), contingent on future milestones
£600,000 upon launching a Phase 3 clinical trial in the U.S.
£900,000 upon receiving U.S. regulatory approval for XF-73.
Up to £500,000 from a milestone fee tied to net sales under a regional development agreement.
**Funding and Structure**
Bidco plans further fundraising to cover Phase 3 trial costs, regulatory approval, and deferred consideration.
EMV Capital Partners led an equity fundraising round of up to £725,000 for Bidcos working capital, expected to complete in September 2025.
Post-acquisition, Bidcos value (c.£1.86 million) will be added to EMV Capitals assets under management, with EMV Capital retaining a 30% stake on a fully diluted basis.
**About XF-73 and Destiny Pharma**
XF-73 targets post-surgical site infections, addressing the global issue of antibiotic-resistant bacteria like MRSA.
Destiny Pharma, previously AIM-quoted, entered administration in August 2024 and liquidation in August 2025, after completing a Phase 2b trial for its nasal gel.
**Strategic Importance**
EMV Capital emphasizes the investments social impact, addressing antimicrobial resistance, a major global health threat.
Dr. Ilian Iliev, CEO of EMV Capital, highlighted the capital-efficient approach and the potential of XF-73 in preventing hospital infections.
**Conclusion**
The acquisition strengthens EMV Capitals portfolio in the life sciences sector, leveraging its venture-building expertise to advance XF-73 while addressing critical public health challenges.