Skanditek sells holding in BioNative for shares in Viragen Europe
Skanditek sells holding in BioNative for shares in Viragen Europe Viragen Europe acquires Skanditek's portfolio company BioNative and pays with new shares. Skanditek's holding in American Viragen Europe, listed on OTCBB, may maximally amount to 6.7 percent. Viragen Europe Ltd acquires all stock in BioNative AB and pays with new-issued shares. Both compa-nies are engaged in the production of highly purified human natural alpha interferon, which is used in treatment of virus deceases and cancer among other things. The production in BioNative's facility in Umeå, Sweden, will continue operations and also be increased by further investments amounting to about MSEK 20-30. The agreement entails that the former shareholders of BioNative initially acquire 5 percent of the shares of Viragen Europe. Provided that BioNative reaches certain performance milestones, the equity interest may amount up to 40 percent. Skanditek's holding in BioNative amounts to 16.9 percent. This initially gives an equity interest of 0.8 percent in Viragen Europe. The holding may maximally amount to 6.7 percent. BioNative BioNative was founded in 1985 and is a spin-off from the Institute of Cellular and Molecular Biology at the University of Umeå. Skanditek has been a shareholder since then. In 2000 sales amounted to MSEK 36 and operating loss amounted to MSEK 1. Viragen Europe Viragen Europe Ltd is listed on the American OTC Bulletin Board under short-name VERP. Market value amounted on October 1, 2001 to about MSEK 62. The company is by 86.6 percent owned by Viragen Inc, which is listed on American Stock Exchange under short-name VRA. For further information about the transaction, please see Viragen's press release, which is published on the company's web site www.viragen.com. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/10/02/20040928BIT22260/wkr0001.pdf