Pharmaust finds buyer for CBI
Tuesday, 10 June, 2008
WA generic medicines company Pharmaust (ASX: PAA) has found a buyer for its share in Commonwealth Biotechnologies Inc (CBI), a US-based life sciences R&D outsourcing specialist.
In a statement, Pharmaust's board said it had decided that ownership of the shares was doing nothing to help the company's bottom line, but had run into difficulties selling the shares.
The shares were unregistered, meaning they could not be sold on the NASDAQ exchange and had to be sold privately.
The company has finally sourced a likely buyer, Hong Kong-based Venturepharm Laboratories.
Pharmaust shareholders will be asked to vote on the deal on July 11.
Protein-based therapy helps the body remove harmful cells
Scientists have created a protein-based therapeutic tool that could change the way we treat...
Diabetes changes the structure of our hearts, study finds
Type 2 diabetes directly alters the heart's structure and energy systems, which explains why...
Beta blockers could halt triple negative breast cancer
Researchers have identified a molecular biomarker in triple negative breast cancer tumours which...
