bioMD Limited Lodges Bidder's Statement for Offer for Unlisted Allied Medical
BioMD is offering Allied shareholders 428,275,968 million BOD shares. For every Allied Medical share, Allied shareholders will receive 32 bioMD shares. On completion of the acquisition by bioMD, Allied shareholders will have 70% of the issued capital of the combined group.
Offer benefits:
- The transaction will create a diversified healthcare group focused on a growing distribution business and the commercialisation of new medical technologies.
- The new group will include the DNA vaccine development company Coridon Pty Ltd, led by Professor Ian Frazer, the developer of the Gardasil cervical cancer vaccine.
- The new group will also include BioMD’s subsidiary company Celxcel Pty Ltd., with its innovative tissue engineering and regenerative ADAPT technology for use in cardiovascular and soft tissue repair surgery.
- Joining the two companies will allow for the quicker development of product pipelines and provide the necessary funding for organic growth and further acquisitions.
Michael Bennett, bioMD MD said: “We are excited by the opportunity that this proposal offers the shareholders of both groups. Both Allied and bioMD have well-developed and potentially very lucrative product pipelines. The development of these will be speeded by the combination of the two companies.”
Lee Rodne, Allied CEO said: “bioMD’s assets and expertise are very appealing to us. We are both targeting markets with great opportunity – both to offer unique therapeutic value and also derive attractive returns for our shareholders.”
“The combined company will remain focused on expansion – both through acquisition and internal growth. We have the great advantage of a existing profit making distribution business, which will help fund product development and further acquisitions.”
The offer closes on 17 June.