ERYTECH Provides Update on the Announced Combination with PHERECYDES

ERYTECH Provides Update on the Announced Combination with PHERECYDES
        

• Entry into a definitive merger agreement between ERYTECH and PHERECYDES
• Completion of a contribution in kind of PHERECYDES shares to ERYTECH
• Combination with PHERECYDES to be submitted to shareholders' vote on June 23, 2023
  
  

Lyon (France) and Cambridge (MA, US), May 15, 2023 – ERYTECH Pharma (Nasdaq & Euronext: ERYP), a clinical-stage biopharmaceutical company developing innovative therapies by encapsulating therapeutic drug substances inside red blood cells, today provided an update on the announced combination with PHERECYDES.

• Update on the announced combination with PHERECYDES
  
  

In relation with the announced merger of PHERECYDES into ERYTECH (the “Proposed Merger”), ERYTECH and PHERECYDES entered into a merger agreement on May 15, 2023, pursuant to which PHERECYDES will be merged into ERYTECH and PHERECYDES shareholders will receive 15 new ERYTECH shares for every 4 PHERECYDES shares they own (the “Merger Agreement”).

Further to the execution of the Merger Agreement, ERYTECH’s Board of Directors has reiterated its strong opposition to Akkadian Partners’ attempt to take the de facto control of ERYTECH with a view to reject the Proposed Merger and to impose its uncertain and risky projects for the Company.

On March 20, 2023, ERYTECH’s Works Council (Comité Social et Economique) issued a positive opinion on the Proposed Merger, in accordance with applicable laws and regulations.

Finexsi, acting as an independent merger appraiser (commissaire à la fusion), has reviewed the fairness of the exchange ratio for the Proposed Merger and issued its reports on May [15], 2023. In accordance with applicable law, such report will be made publicly available, including on ERYTECH’s website (www.erytech.com).

The annual general meetings of ERYTECH and PHERECYDES shareholders will be called upon to vote on the Proposed Merger on June 23, 2023.

The Proposed Merger is expected to close shortly after the approval by both ERYTECH and PHERECYDES shareholders.

• Completion of a contribution in kind of PHERECYDES shares to ERYTECH
  
  

As announced in ERYTECH’s press release of February 15, 2023, ERYTECH’s board of directors approved on May 5, 2023, the contribution by Elaia Partners, Go Capital and a pool of PHERECYDES shareholders represented by Mr. Guy Rigaud, of 827,132 PHERECYDES shares to ERYTECH in consideration of 3,101,745 newly issued ERYTECH shares (the “Contribution”).