Celmed BioSciences Inc announced that it has agreed to acquire NewBiotics Inc of San Diego, California. This transaction will broaden Celmed's technology base, diversify its product pipeline in the oncology sector and add key shareholders from the US, Europe, Canada and Asia.
"This acquisition is 'step one' on the path of Celmed's aggressive growth in the field of oncology," commented Dr. André de Villers, president and CEO of Celmed BioSciences.
The acquisition is an all-share transaction by which NewBiotics current shareholders will receive an ownership interest in Celmed of 29.7 per cent. Celmed's senior management will remain unchanged with André de Villers remaining as president and CEO. The combined entity will continue to operate as Celmed BioSciences Inc. and be headquartered in Montreal. The transaction has already been approved by the Board of Directors of both companies and is subject to approval by the shareholders of NewBiotics. The transaction is expected to close by the end of June.