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Xenetic Biosciences (XEN)

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Thursday 15 December, 2011

Xenetic Biosciences

Acquisition of SymbioTec Update

RNS Number : 0174U
Xenetic Biosciences PLC
15 December 2011
 



 

Xenetic Biosciences PLC

('Xenetic Bio' or the 'Company')

 

First Closing Update

Acquisition of SymbioTec Update

 

Xenetic Bio (AIM: XEN.L), the bio-pharmaceutical company specialising in the development of high-value differentiated biologic drugs and vaccines, announces an update in relation to completion of the Sale and Purchase Agreement for the acquisition of SymbioTec GmbH ("SymbioTec") entered into as part of the Proposals set out in the Shareholder Circular of 4 August 2011 (the "Circular"), and as approved by shareholders at the Company's General Meeting held on 2 September 2011. Defined terms in this announcement shall have the meanings given to them in the Circular unless the context requires otherwise. 

 

The Company previously announced that completion of the Acquisition was expected to occur by no later than 15 December 2011.  Whilst the parties continue to work towards a conclusion with respect to the Acquisition, it has not been possible to satisfactorily conclude the process in the expected timeframe. The parties now expect to make a further announcement in relation to the Acquisition by no later than 31 December 2011.

 

With respect to the proposed Open Offer, the Company will monitor near term market conditions prevailing after completion of First Closing (that is, after completion of the acquisition of SymbioTec), particularly as respects the Ordinary Share price, to determine whether the Open Offer should be pursued.

 

Further announcements will be made in due course.

 

Enquiries:

Xenetic Biosciences plc

+44 (0)20 7389 5015

M. Scott Maguire, Chief Executive Officer




Singer Capital Markets (NOMAD & Broker)

+44 (0)20 3205 7500

Claes Spång




Walbrook PR

Paul McManus

+44 (0)20 7933 8780

paul.mcmanus@walbrookpr.com

Paul McManus

paul.mcmanus@walbrookpr.com

Paul Cornelius

paul.cornelius@walbrookir.com

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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