Core Viewpoint - Polyrizon Ltd. has signed a non-binding Memorandum of Understanding (MOU) to acquire a 51% stake in Arrow Aviation, a high-growth private aviation company, for approximately $5.8 million, marking a strategic entry into the private aviation sector [1][3]. Company Overview - Polyrizon is a pre-clinical-stage biotechnology company focused on developing intranasal protective solutions, including innovative medical device hydrogels delivered as nasal sprays [5]. - Arrow Aviation, with annual unaudited revenues of approximately $19 million and adjusted EBITDA of around $3 million, provides private aviation services, operating a fleet of executive jets and catering to both leisure and business clients [2]. Strategic Rationale - The acquisition is seen as a diversification opportunity for Polyrizon, allowing the company to leverage its financial position to enter the growing private aviation market, projected to reach $41.38 billion by 2030 [3]. - The proposed transaction includes arrangements for a third-party transfer of a Hawker 800 aircraft valued at $3.5 million and the forgiveness of outstanding debts by existing Arrow Aviation shareholders in exchange for convertible notes from Polyrizon [3]. Transaction Details - A definitive agreement is expected to be signed within 30 days of the MOU, subject to due diligence, with the closing of the acquisition anticipated to follow customary closing conditions [4].
Polyrizon Intends to Secure Controlling Stake in Profitable Private Jet Operator