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Commonwealth Biotechnologies, Inc. (CBTE) Announces Signing of Definitive Share Purchase Agreement to Acquire GL Biochem (Shanghai) Ltd


1/4/2010 11:11:10 AM

RICHMOND, Va.--(BUSINESS WIRE)--Commonwealth Biotechnologies, Inc. (“CBI”) (NASDAQ Capital Market: CBTE) is pleased to announced it has entered into a revised and binding definitive share purchase agreement to acquire the parent of Shanghai-based GL Biochem and its associated businesses (collectively the “GL Group”), the largest global supplier of research-grade peptide products and peptide reagents. Under the revised agreement, CBI will receive all of the stock of the GL Group’s holding company, Wise Century Group Limited, from its current shareholder, and will issue to that shareholder shares of CBI’s common stock equal to 78% of its then-outstanding shares, on a fully diluted basis. Closing is expected to occur promptly after CBI obtains shareholder approval for the transaction.

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