Biotage’s acquisition of the American company Argonaut Technologies: Final decision at a special shareholders’ meeting on June 1, 2005
On March 18, 2005 Biotage announced its intention to acquire the reagents and process instruments business of the American company Argonaut Technologies Inc. The purchase price is 145 MSEK (21.2 MUSD). This will give Biotage additional sales of approx. 125 MSEK. Argonaut Technologies’ board of directors has accepted Biotage’s bid to acquire Argonaut’s business. The acquisition must receive final approval by a special meeting of the shareholders in Argonaut, however. This will take place on June 1, 2005. In the summons to the special meeting the board of directors of Argonaut recommends that Argonaut’s shareholders accept Biotage’s bid. Through the acquisition Biotage’s offering in medicinal chemistry will be strengthened and the company will get a complete product portfolio in microwave synthesis, purification systems and reagents, enabling faster and more efficient development of new drug candidates. If the acquisition is realized, Biotage has obtained short-term bank financing for this and the purchase price will be paid in cash. The company is evaluating different financing options and will soon announce a long-term financing solution.