Clearbridge Health (SGX:1H3) entered into a binding term sheet with Chen Yan and Lim Chee Yong for the acquisition of Elpis Biopharmaceuticals, according to a Monday filing with the Singapore Exchange.

The total consideration payable is $330 million which will be fully satisfied by the issuance and allotment of new shares in the capital of the company.

The proposed acquisition will be completed within four weeks from the satisfaction of certain conditions.

The target company is engaged in the business of medical research and cell therapies for the treatment of solid tumors.