oxxon therapeutics to be acquired by Oxford BioMedica

Acquisition consolidates immunotherapy assets

14-Mar-2007

Oxxon Therapeutics Limited announced that it has entered into an agreement to be acquired by Oxford BioMedica. Oxford BioMedica is focused on the development of novel gene-based therapeutics particularly in oncology, including therapeutic vaccines, and neurotherapy. The transaction values Oxxon at £16 million, to be satisfied by the issue of Oxford BioMedica shares.

According to the company, the acquisition of Oxxon provides Oxford BioMedica with a cancer immunotherapy product candidate (Hi-8® MEL), which is complementary to its own TroVax product candidate which is in late-stage development. In addition, Oxxon's intellectual property estate broadens and complements Oxford BioMedica's proprietary position in immunotherapy and gene-based medicines.

The transaction is valued at £16 million, to be satisfied by the issue 27,551,628 Oxford BioMedica shares to Oxxon shareholders for the entire share capital of Oxxon and 4,219,618 shares for the repayment of a loan from Oxxon shareholders to Oxxon. The number of shares to be issued has been determined by a reference price of 50.36p per share, being the average closing price of Oxford BioMedica shares over the last 30 days to 8 March 2007.

Application will be made to the United Kingdom Listing Authority ("UKLA") for the newly issued ordinary shares in Oxford BioMedica to be admitted to the Official List of the UKLA and to the London Stock Exchange plc for admission to trading on its market for listed securities ("Admission"). Under the terms of the UKLA listing rules the acquisition is a Class 2 transaction, which does not require shareholder approval. The transaction is conditional upon Admission.

https://www.bionity.com/en/news/62725/oxxon-therapeutics-to-be-acquired-by-oxford-biomedica.html