Daily Stock Setups

Proximagen Neuroscience acquires Cambridge Biotechnology

Posted on: Wed, 25 Nov 2009 13:17:00 EST

Symbols: BIOVY

Are you looking to increase your ETF knowledge?

Nov 25, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
BIOVY | Quote | Chart | News | PowerRating -- Proximagen Neuroscience plc has acquired Cambridge Biotechnology, Ltd. (CBT) and certain drug development programmes from Biovitrum AB.

Proximagen is a UK-based neuroscience research company, while Biovitrum is a Sweden-based pharmaceutical company. CBT is Canada-based drug discovery company.

Update on October 30, 2009:

Proximagen has signed a sale and purchase agreement to acquire Cambridge Biotechnology Ltd (CBT) and certain drug development programmes from Biovitrum.

In consideration Proximagen will pay Biovitrum a percentage of future revenues generated from the acquired drug development programmes.

As part of the acquisition Proximagen will acquire certain of CBT's programmes, as well as two clinical stage programmes (5-HT2c agonist programme and the cognition programme, 5-HT6) and a number of pre-clinical stage programmes including VAP-1 and TrkA from Biovitrum.

The transaction is expected to close by the end of November 2009.

Announcement (October 22, 2009):

Proximagen has entered into a letter of intent to acquire Cambridge Biotechnology from Biovitrum for a percentage of future revenues generated from CBT's pipeline.

CBT's clinical stage projects consist of 5-HT2C agonists and 5-HT6 antagonists and its pre-clinical stage projects include VAP-1 and Trk A programmes. The transaction is expected to complete by the end of November 2009.

Buchanan Communications is acting as public relations advisor and Evolution Securities Limited is acting as financial advisor to Proximagen.

Deal Type    Acquisition
Sub-Category Majority Acquisition
Deal Status  Completed: 2009-11-24

Deal Participants

Target (Company)   Cambridge Biotechnology, Ltd.
Acquirer (Company) Proximagen Neuroscience plc
Vendor (Company)   Biovitrum AB

For full details on (BIOVY) BIOVY. (BIOVY) has Short Term PowerRatings at TradingMarkets. Details on (BIOVY) Short Term PowerRatings is available at This Link.

More News: Market Updates | Stock Alerts | All Trading News

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302

All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.