News blog
Curidium Medica/Avacta Group
- BY: Andrew Hore |
- POSTED: 18/01/2009 |
Avacta Group has sent out its bid document for personalised medicine developer Curidium Medica.
The Curidium shareholder meeting to agree to the scheme of arrangement will be held on 11 February. Avacta is offering 14.5 of its own shares for each Curidium share.
Shares in Avacta have risen since the Curidium bid was announced. At 2.625p a share, Avacta’s bid values each Curidium shares at 38p each. They are trading at 31p a share, which values Curidium at £5.87m.
Avacta has acquired Theragenetics for up to £2.05m. The initial consideration is £1m with £23,000 paid in cash, £409,000 in convertible loan notes and the rest in shares at 3p each. The other £1.05m will be paid in shares and convertible loan notes when Teragenetics’ accounts are completed.
Theragenetics is a personalised medicine diagnostics company developing tests relating to the treatment of central nervous system disorders such as schizophrenia and depression. That makes it a good fit with Curidium.
Theragenetics lost £1.18m in the nine months to December 2008 and still had cash of £1.15m.
IP Group is a shareholder in Avacta and in Theragenetics.
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