- Immediate access to sales from established Japanese hair growth market
- Whole-of-chain acquisition; reduced cost of goods and no royalties on évolis
- Global rights including China with recently granted import permits
- Boosts Cellmid’s product development expertise to facilitate the midkine hair growth program
SYDNEY, Wednesday, 8 May 2013: Cellmid Limited (ASX:CDY) is pleased to advise that it will acquire Advangen Inc., Japan (Advangen), the company that owns the FGF-5 inhibitor hair growth technology. This is a highly strategic acquisition that will significantly increase Cellmid’s revenues in the short to medium term.
Under the terms of the agreement Cellmid will acquire 100% of the shares of Advangen in a deal involving the payment of JPY120M (AU$1.2M) in cash and the issuing of 55,737,624 shares at a nominal issue price of 5 cents each. All of the shares will be subject to voluntary escrow agreements for up to 12 months.
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