On February 10, 2020 Sirtex Medical US Holdings, Inc. ("Sirtex"), a leading manufacturer of targeted liver cancer therapies, reported that the shareholders of OncoSec Medical, Inc. ("OncoSec") have approved, and the parties have closed, the strategic investment by and partnership with Sirtex and Grand Decade Developments Limited, a wholly owned subsidiary of China Grand Pharmaceutical and Healthcare Holdings Limited ("CGP") (Press release, Sirtex Medical, FEB 10, 2020, View Source [SID1234554120]). The signing of the strategic transaction was previously announced on October 10, 2019.

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As a result of the transaction, Sirtex acquired approximately 8.8% of the outstanding shares of common stock of OncoSec and will also support and assist OncoSec with pre-marketing activities for its TAVO and Visceral Lesion Applicator (VLA) products in exchange for low single-digit royalties. In addition, CGP acquired approximately 44% of the outstanding shares of common stock of OncoSec and entered into an exclusive license to OncoSec’s products in Greater China and other Asian countries in exchange for a royalty. More details of the transaction documents can be found in OncoSec’s filings with the U.S. Securities and Exchange Commission.

"Sirtex is excited to close this transaction with OncoSec and to assist in efforts to bring its innovative products to fight cancer to the market," said Kevin Smith, Chief Executive Officer of Sirtex. "OncoSec, CGP and Sirtex are committed to improving treatment outcomes for patients and this transaction demonstrates that shared commitment."