pSivida in Negotiations regarding a Potential Acquisition
pSivida Limited has moved to clarify recent market speculation and advises that it is in negotiations and is undertaking due diligence to acquire a US based specialised drug delivery company 'USCo' through the issue of its American Depositary Receipts ("ADR's") to USCo shareholders. USCo shareholders could own up to 40% or more of pSivida's stock following an acquisition.
An acquisition will be subject to completion of due diligence, the finalisation of fundamental terms, including the ultimate price and the approval of USCo and pSivida shareholders.
Mr. Gavin Rezos, Managing Director of pSivida said, "The potential acquisition presents an opportunity to create a global drug delivery company specialising in nanotechnology, with revenues from existing products and generating long-term value through its diversified late-stage product portfolio."
Further details will be provided to the market if due diligence is satisfactorily completed and a conditional agreement is reached. Fundamental terms of any transaction between the two companies have not yet been concluded, and the parties have not yet fully completed due diligence. Therefore, due to the current status of the potential transaction, the company cannot confirm that a transaction will occur.
Other news from the department business & finance
Get the life science industry in your inbox
From now on, don't miss a thing: Our newsletter for biotechnology, pharma and life sciences brings you up to date every Tuesday and Thursday. The latest industry news, product highlights and innovations - compact and easy to understand in your inbox. Researched by us so you don't have to.
