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.
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