11:39 AM EDT, 03/17/2025 (MT Newswires) -- (Updates shares.)

Willow Biosciences ( CANSF ) late on Friday said is agreed to sell its operating subsidiary Epimeron USA, including the biotechnology business, intellectual property and research and development team, to a U.K.-based privately-held, arms-length entity for US$3.4 million in cash.

The transaction, which follows Willow's strategic review, is scheduled to close on or about April 30, subject to customary closing conditions.

Part of the proceeds will be used for debt reduction and the remainder retained pending a review of the company's future cash requirements and potential opportunities.

The transaction must be approved by shareholders at an annual general and special meeting of shareholders on April 25.

The deal has been approved unanimously by Willow's board.

Willow shares were last seen down $0.005 to $0.035 on the Toronto Stock Exchange.