SciGen partner increases investment
Friday, 04 November, 2005
The two largest shareholders in Singapore-based, ASX-listed biopharmaceutical company SciGen (ASX:SIE), SciTech Medical and Bioton, have entered into a share exchange agreement which may result in Bioton gaining a 44.7 per cent equity share in SciGen.
Under the agreement between Polish company Bioton and Singapore private healthcare company SciTech, Bioton will invest AUD$30 million to accelerate the launch of SciGen's portfolio of biopharmaceutical products to market.
SciTech is selling its shares to Bioton for $0.075 per SciGen share, a premium to the ASX market price of $0.067 at close of trading on Friday 28 October when the deal was entered into.
Saul Mashaal will remain as SciGen's executive vice-chairman and CEO, and will be elected to the supervisory board of Bioton.
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