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Alltracel Pharmaceuticals
- BY: Andrew Hore |
- POSTED: 22/02/2008 |
- COMMENTS: Add yours
US medical device company HemCom Medical Technologies is paying £20.8m for wound care company Alltracel Pharmaceuticals.
Oregon-based HemCom is bidding 14p a share in cash for Alltracel.
Alltracel directors Tony Richardson and Nick Hart have accepted jobs at HemCom so they weren’t deemed to be independent directors. The rest of the board has recommended the bid. The board doesn’t believe that the market has been appreciative of the milestones the company has achieved. That will make it more difficult for Alltracell to raise money to expand.
HemCom has been trading with Alltracel since last year and at the end of 2007 it approached the company about a takeover. Its HemCom bandage was developed to stop severe arterial bleeding.
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