Issue Date: August 25, 2008
British Biotechs Get Takeover Bids
GeneThera, in Wheat Ridge, Colo., has had its buyout offers rejected twice by the U.K.-based gene therapy company Oxford BioMedica. GeneThera's latest 65 cent-per-share offer, which valued Oxford BioMedica at nearly $350 million, is more than triple the company's recent stock price. Oxford BioMedica's board, however, considers GeneThera's unsolicited approach not credible. GeneThera's business is in genetic diagnostics for the veterinary and agricultural industries, but the company has only about $260,000 in assets and negligible revenues since its formation more than 10 years ago. Nevertheless, it believes its gene expression technology could help advance the development of Oxford BioMedica's DNA cancer vaccines. Separately, London-based Protherics says that its board is considering offers from a number of parties interested in acquiring the company. Protherics develops and sells products for critical care and cancer specialists.
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