UK-based York Pharma has been acquired for an undisclosed sum by Texas-based wound care company Uluru.

The announcement follows the March news that York was forced to suspend trading after short-term funding fell through. The dermatology specialty company had been in discussion with two potential suitors including talks of a possible cash injection, but by the end of March this had not been secured.

The condition of the acquisition offer, as announced in a non-binding offer letter, is that York’s outstanding debt of $6 million (£4.09 million) is converted into ordinary shares of York prior to the closing of any offer.

Under the terms of the contract, Uluru shareholders will own approximately 77% of the combined company with York shareholders owning approximately 23%. In conjunction with the non-binding offer letter, Uluru entered into a series of agreements involving the granting of a revolving line of credit to York.

“The potential benefits to be derived from this proposed acquisition will significantly accelerate the maturation of Uluru into a commercially based company with a strong revenue base,” said Renaat Van den Hooff, Uluru chief executive. “This revenue base will positively position the company for more rapid growth both in the United States and Europe.”

York Pharma was unavailable for comment.