RICHMOND, Va.--(BUSINESS WIRE)--Commonwealth Biotechnologies, Inc. (“CBI”) (NASDAQ: CBTE), a life sciences contract research organization and biotechnology company, announced today that the Board of Directors of CBI has unanimously approved and the company has executed a Stock Purchase Agreement to acquire all of the outstanding capital stock of Mimotopes Pty Ltd (“Mimotopes”). Mimotopes, which is based in Melbourne, Australia, is a wholly-owned subsidiary of PharmAust Chemistry Ltd. (“Chemistry”). Chemistry, in turn, is a wholly-owned subsidiary of PharmAust Limited (“PAA”), a company traded on the Australia Stock Exchange. As consideration for the transaction, CBI will issue 2,150,000 shares of CBI common stock to Chemistry. As a result, PAA, through Chemistry, will hold a 39.5% equity position in CBI. CBI has obtained an initial, independent, third party fairness opinion of this transaction, which deemed the transaction to be fair from a financial point of view to the shareholders of CBI. An updated fairness opinion will be provided prior to closing. Closing of the transaction is also subject to shareholder approval.
