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Article: Surprise Sell Off: UK's Xenova Being Bought By Equity Group.
- Article from:
- BIOWORLD Today
- Article date:
- November 3, 2009
CopyrightCOPYRIGHT 2009 A Thomson Healthcare Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Washington Editor
Seemingly out of the blue, Xenova Group plc is being sold.
Board members of the British biotech firm agreed to a buyout for up to [pounds sterling]26.1 million (US$47.5 million) by Celtic Pharma Group, a new private equity business, after reaching terms on the offer concurrent with a licensing deal between the parties for two Xenova products. Celtic Pharma, which is being led by former pharmaceutical executives and is looking for additional deals to take biotech programs through to approval and then deliver marketable products to big pharma, would acquire the entire issued and to-be-issued share capital of Xenova.
Xenova's ...