CBI to buy Australia Mimotopes for stock

Commonwealth Biotechnologies Inc, a Virginia, USA-based life sciences contract research organization and biotechnology company, says that its board of directors has unanimously approved and has subsequently executed a stock purchase agreement to acquire all of the outstanding capital stock of Mimotopes Pty, which is located in Melbourne, Australia, and is a wholly-owned subsidiary of PharmAust Chemistry.

In payment for the acquisition, CBI will issue 2,150,000 shares of its common stock to PharmAust Chemistry. As a result, the latter's parent company, PharmAust Ltd, will hold a 39.5% equity position in CBI. Closing of the transaction is also subject to shareholder approval.

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