Cynata Therapeutics (ASX:CYP) withdraw from acquisition discussions

Company News

by Rachael Jones

Biotech company Cynata Therapeutics (ASX:CYP) has decided to withdraw from acquisition discussions with Sumitomo Dainippon Pharma Co.

The clinical-stage company specialising in cell therapeutics, has been unable to reach agreement on terms to its satisfaction.

Cynata received an indicative, non-binding and conditional proposal from Sumitomo on 20 June 2019 regarding a possible acquisition of all of the shares in Cynata at a price of $2.00 per share in cash by way of a scheme of arrangement.

Cynata continues to progress its Phase 2 clinical trial programs in osteoarthritis and critical limb ischemia, and in graft-versus-host disease with partner Fujifilm.

Shares in Cynata Therapeutics (ASX:CYP) trading 14.8 per cent higher at $1.27.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.