Commonwealth Biotechnologies, Inc., Seeking to Acquire Shanghai's GL Biochem (Shanghai) Ltd, Faces Delisting

Published: Aug 04, 2009

ChinaBio Today -- Commonwealth Biotechnologies is struggling to prevent its delisting as it works toward completing an acquisition of peptide maker GL Biochem of Shanghai, a deal the company calls “transformative.” In early June, CBI announced it would issue 6.6 million shares of its common stock to acquire GL Biochem. CBI expects $3 million of net income from $18 million of sales as GL Biochem’s business model expands.

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