Takeover watch: SciGen suitor firms up $3.9m bid after China says ok
Health & Biotech
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SciGen’s suitor has firmed up its 5.07c offer for the company after Chinese authorities gave their tick of approval.
Singapore-based SAC Capital lobbed the $3.9 million offer in May on behalf of Chinese company Yifan International Pharmaceutical.
It hasn’t lifted its offer price in the ensuing months after the initial foray sent SciGen’s (ASX:SIE) shares up 100 per cent to 5.2c, where they’ve largely stayed. Shares opened flat at 5c on Wednesday.
The deal was conditional on getting permissions from the Chinese National Development and Reform Commission, the Ministry of Commerce, and the State Administration of Foreign Exchange.
With that hurdle now passed, Yifan is looking for 90 per cent minimum acceptances.
SciGen’s 53 per cent owner Bioton had already accepted the deal and obtained all necessary approvals from Polish authorities, where it’s based, in June.
“The transaction guarantee the company the most advantageous way of disinvestment from SciGen, by monetising the asset being SciGen shares on the most preferential terms,” Bioton said in May.
SciGen is a biopharmaceutical company that does sales and marketing of genetically engineered pharmaceutical products in endocrinology, paediatrics, neurology and oncology.