Targeted Genetics Corporation Proposes Combination with Biocontrol Limited
Targeted Genetics Corporation announced that it has entered into definitive agreements related to the acquisition of Biocontrol Limited. Under terms of the proposed business combination, Targeted Genetics will issue shares of its common stock to the shareholders of Biocontrol such that after completion of the transaction Biocontrol will be a wholly-owned indirect subsidiary of Targeted Genetics, and Biocontrol’s former shareholders will own approximately 50% of the resulting outstanding equity securities of Targeted Genetics.
Upon completion, the combined company will develop the Biocontrol science and programs and capitalize on Targeted Genetics’ AAV assets. The combined company expects that quotations for Targeted Genetics’ shares will continue to be available on the Pink Sheets.
The Offer is subject to acceptance by the Biocontrol shareholders and other conditions precedent, including but not limited to Biocontrol raising £200,000 in working capital from its shareholders and other sources prior to completion. Completion is expected to take place following satisfaction of the conditions precedent on or before December 3, 2010.
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