SAN FRANCISCO-- Commonwealth Biotechnologies Inc. shares soared 67% to $3.52 in Tuesday morning trade after the Richmond, Va.-based company said late Monday it has agreed to acquire Australia-based Mimotopes Pty Ltd, a unit of PharmAust Chemistry Ltd., which is itself a subsidiary of PharmAust Ltd. Under the terms of the deal, Commonwealth will issue 2.15 million shares of its common stock to PharmAust Chemistry. As a result, PharmAust, through its PharmAust Chemistry unit, will hold a 39.5% equity position in Commonwealth.
About CB-Commonwealth Biotechnologies, Inc., a contract research organization, provides research and development services to the biotechnology industry, academic institutions, government agencies, and pharmaceutical companies worldwide. It offers various services relating to the design, synthesis, purification, and analysis of peptides, proteins, and oligonucleotides, as well as creates assay and detection methods.
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