Factor Therapeutics Limited (ASX:FTT) entered into a term sheet to acquire Global commercial rights of veterinary product portfolio of LONGMILE Veterinary PET Imaging for $0.05 million on July 24, 2020. For the exclusivity period, the Factor Therapeutics Limited has agreed to pay the consideration of $0.03 million. Factor Therapeutics has further agreed to pay $0.03 million to LONGMILE upon execution of formal transaction documents. David Beylin Will join LONGMILE as Chief Executive Officer. David Brookes, John Michailidis, Christian Behrenbruch to remain and two Board members to join from LONGMILE team on completion. Completion of the transaction will be subject to conditions imposed by the Australian Securities Exchange in terms of demonstrating continuity of business operations and/or requirements under Chapter 11 of the ASX listing rules regarding change in nature or scale of Factor Therapeutics' operations, including to re-comply with Chapters 1 and 2 of the ASX listing rules. The transaction is subject to receipt of the requisite shareholder approval and regulatory approval. As of November 16, 2020, by mutual agreement the exclusivity agreement has been extended until December 31, 2020. As of December 31, 2020, ASX has provided notice that a decision on Factor Therapeutics' application for in-principle advice is anticipated to be received early in 2021.