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.