LONDON (Alliance News) - Pharmaceutical company 4d Pharma PLC Friday said it has bought Microbiota Co Ltd for a total consideration of GBP2.0 million, including the assumption of a significant loan.
The company said the consideration was for GBP960,000 but it also took on the obligations of a loan to Microbiota worth more than GBP1 million.
4d Pharma said the consideration was made through the issuance of 509,285 shares at a price of 188.5 pence, which is the average mid-market price of its shares for the five days leading up to the acquisition.
Microbiota is a new company that was formed to acquire and develop a patented bacteria aimed at treating irritable bowel syndrome and related symptoms, which was developed by the French National Institute for Agricultural Research.
"4d pharma continues to work exclusively in the new drug class of live biotherapeutics," Chief Executive Duncan Peyton said in a statement. "This acquisition further complements our unique platform technology and strengthens our portfolio of drug candidates in development, which we believe could transform treatment options for patients by addressing the underlying causes of disease."
4d Pharma shares were up 2.6% to 195.00 pence on Friday.
By Tom McIvor; tommcivor@alliancenews.com; @TomMcIvor1
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