Uluru Uluru, a specialty pharmaceutical company, has signed a non-binding offer letter to acquire York Pharma, a UK-based skincare company with operations or distribution networks throughout Europe.

One of the conditions to Uluru making any offer is that the outstanding debt of York shall be converted into ordinary shares of York prior to the closing of any offer.

Under the indicative terms set out in the non-binding offer letter, Uluru shareholders would own approximately 77% of the combined company. York shareholders would own approximately 23% of the combined company, which would result in Uluru issuing approximately 19.9 million shares.

Renaat Hooff, president and CEO of Uluru, said: "The potential benefits to be derived from this proposed acquisition will significantly accelerate the maturation of Uluru into a commercially based company with a strong revenue base. This revenue base will positively position the company for more rapid growth both in the US and Europe."