Oxford BioMedica rejects approach

Source: Healthcare Digital

Date :19/08/2008 17:10:39

Oxford BioMedica said today, August 15, that it has rejected a takeover approach by GeneThera, the agricultural diagnostics specialist, saying the suitor was not a “credible bidder”.

The UK biotechnology firm described GeneThera as a “US company traded over- the-counter with a market capitalisation of US$230,000”.

At the close on Friday, Oxford BioMedica had a market capitalisation of £46.5 million.

GeneThera provides vaccines and testing services for animal diseases such as BSE.

The US firm submitted a revised proposal on August 14, offering to buy the company with stock, which the Oxford BioMedica board also rejected.

The two companies were unavailable for comment.

Oxford BioMedica’s shares rose 18.5 percent, or 1.6p, to 10¼p.