November 7, 2006
UK Kiotech to buy feed additive unit Agil
UK-based biotechnology company Kiotech International PLC said it was in discussions with Lawrence, the animal pharmaceutical group, over the acquisition of Agil, its feed additive unit.
The acquisition would constitute a reverse takeover requiring shareholder approval.
The GBP 5.5-million (approx US$10) deal would be funded through cash and placing of new shares. The company expects the acquisition to be complete by November 28.
The Kiotech new CEO, Richard Edwards would be joining from the same date.
The cash proceeds of the sale would be utilised by Lawrence to fund registrations with ECO Animal Health in Europe, Japan and the US.
Kiotech focuses on spraying bait with pheromones to encourage fish to bite.