News | News By Subject | News by Disease News By Date | Search News
Get Our FREE
Industry eNewsletter
email:    
   

Commonwealth Biotechnologies, Inc. (CBTE) Announces Agreement to Acquire GL Biochem (Shanghai) Ltd


6/8/2009 12:09:08 PM

RICHMOND, Va.--(BUSINESS WIRE)--Commonwealth Biotechnologies, Inc. (“CBI”) (NASDAQ Capital Market:CBTE) is pleased to announce that it has executed an agreement to acquire all of the outstanding shares of GL Biochem (Shanghai) Ltd (“GL Biochem”), a privately owned Shanghai-based chemical company and the largest supplier of research-grade peptide products and peptide reagents globally. Over the past 5 years, GL Biochem and related businesses have demonstrated compound annual revenue growth of over 40%. Based on the results of an independent financial due diligence report, they reported 2008 revenues of over $13 million and net income after tax of approximately $2 million. The proposed transaction would be a transformative deal for CBI, providing it with a strong balance sheet, significant free cash flows and propelling it into a position of dominance in the research-grade custom peptide market.

Read at BioSpace.com
Read at ChinaBio Today


comments powered by Disqus
   

ADD TO DEL.ICIO.US    ADD TO DIGG    ADD TO FURL    ADD TO STUMBLEUPON    ADD TO TECHNORATI FAVORITES