Paladin Labs Inc. (TSX:PLB) signed a non-binding term sheet to acquire substantially all assets from Allon Therapeutics, Inc. (TSX:NPC) for CAD 0.9 million on May 30, 2013. The transaction is subject to obtaining of all necessary court and regulatory approvals. As of July 5, 2013, the Supreme Court of British Columbia granted an order whereby the court approved the proposal and the reorganization.

The deal is expected to close in the week of July 15, 2013. Davies Ward Phillips & Vineberg LLP acted as legal advisor to Paladin Labs.