Universal Biosensors refuses to deny acquisition rumours

Responding to reports in ALS last Friday that his company may be on the market, Univeral Biosensors chairman and interim CEO Andy Denver said today that “we are always up for sale”.

Universal Biosensors announced last week that its CEO Mark Morrission was retiring, leading to speculation that he was making way for a major structural change.

A number of possible suitors have been mooted, most notably Johnson & Johnson, which already owns 12 percent of Universal Biosensors. The two companies also have a joint product development agreement in Australia.

J&J declined last Friday to comment on the rumours.

Existing shareholders CM Capital and Principals Cornerstone Fund, would also stand to gain from an acquisition of Universal Biosensors.

Denver refused, however, to be drawn on whether Universal Biosensors was about to announce a deal with J&J or any other company. Shares in Universal Biosensors rose a cent to close at $1.52 today.