Bresagen restructure and relisting plans announced

Bresagen's administrators have reached an in-principle agreement with Queensland-based public unlisted biotech company CBio for the restructure and relisting of the company.

Bresagen went into voluntary administration in January after investment bank CM capital terminated negotiations that would have seen the protein pharmaceuticals group spin off as a separate entity.

Under the deal, which is still subject to approval by various stakeholders, Bresagen will retain its protein pharmaceuticals business in South Australia.

The deal is likely to return 100 cents in the dollar to creditors, according to administrator Martin Lewis, from corporate recovery and turnaround firm Ferrier Hodgson, who said he was hopeful that value would be restored to shareholders.

A second creditors meeting will be held later this month, and a shareholders meeting later this year.