LONDON (Alliance News) - Midatech Pharma PLC said Thursday it has filed a supplemental disclosure with the US Securities and Exchange Commission in relation to its proposed acquisition of DARA BioSciences Inc, as a result of entering in talks to acquire an undisclosed additional product.
It has entered into discussions to acquire an additional product in cancer supportive care for a proposed initial consideration of between USD3 and USD5 million, it said, plus a deferred consideration based on certain revenues achieved, if any. The seller was undisclosed.
Midatech had agreed a deal to buy DARA for up to USD29.7 million in June.
"In line with our business model we are aiming to build an international specialty pharmaceuticals company centred around oncology. If completed, DARA and this new identified acquisition target would complement the existing Midatech business well, with significant potential synergies and cross selling opportunities. We are extremely excited about the future and the value we can create for patients and our shareholders," said Chief Executive Officer Jim Phillips in a statement.
Shares in Midatech were untraded Thursday morning. They last closed at 273.90 pence.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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