Aeterna Zentaris and Ceapro Complete Merger Transaction

Core Viewpoint - Aeterna Zentaris Inc. and Ceapro Inc. have successfully completed an all-stock merger, creating a diversified biopharmaceutical company expected to generate long-term value for shareholders [1][2]. Group 1: Merger Details - The merger was officially announced on December 14, 2023, and has now been completed, marking a significant milestone for both companies [1]. - The new combined company aims to leverage shared resources and competencies to enhance its product development pipeline and revenue-generating capabilities [1][2]. Group 2: Financial and Operational Benefits - The merger is expected to provide greater potential for stable cash flow, which will support research and development of high-return pharmaceutical products [1]. - The company currently generates revenue from two main active ingredients, oat beta glucan and avenanthramides, which will be utilized to fund the development of new products [1]. - A diversified product pipeline is anticipated to lower risk and enhance the company's ability to focus resources effectively [1][2]. Group 3: Expanded Capabilities - The combined company will benefit from expanded pharmaceutical research and development capabilities, with a talented team bringing deep expertise to advance the development pipeline [2]. - The operational presence in both North America and Europe will allow the company to optimize its focus on the North American biotechnology market [2]. Group 4: Leadership and Governance - Following the merger, Aeterna's board of directors now consists of eight members, including Ronald W. Miller as Chair and Gilles Gagnon as CEO [3]. - The executive leadership team is committed to prioritizing the development pipeline to maximize potential for the company and its stakeholders [2]. Group 5: Shareholder Information - Former Ceapro shareholders will receive 0.02360 of an Aeterna share for each Ceapro share held, with specific instructions provided for the exchange process [6][7]. - Ceapro shares are expected to be delisted from the TSX Venture Exchange within five business days following the merger [5].