Shareholders Approve Amalgamation of Novopharm Biotech Inc. and Genesys Pharma Inc.TORONTO AND VANCOUVER, BRITISH COLUMBIA--(BUSINESS WIRE)--Aug. 14, 1997--Novopharm Biotech Inc. (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , VSE See DOS/VSE. VSE - Virtual Storage Extended NVO NVO no visible oestrus (see no visible estrus). Called also NVE. .) Novopharm Biotech Inc. (TSE and VSE - NVO) and Genesys Pharma Inc. (VSE - GPI (Graphical Programming Interface) A graphics language in OS/2 Presentation Manager. It is a derivative of the GDDM mainframe interface and includes Bezier curves. ) today announced that the shareholders of both companies have approved the amalgamation of the two companies to form an amalgamated a·mal·ga·mate v. a·mal·ga·mat·ed, a·mal·ga·mat·ing, a·mal·ga·mates v.tr. 1. To combine into a unified or integrated whole; unite. See Synonyms at mix. 2. company to be called Novopharm Biotech Inc. Of the votes cast at today's separate company shareholders' meetings, 99.96 percent of Novopharm Biotech's shares and 99.87 percent of Genesys Pharma's shares were voted in favour of the amalgamation. The amalgamation will be effective once approved by the British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography Supreme Court. Dr. Michael Dan is currently the Chief Executive Officer of Novapharm Biotech Inc., and will be the Chief Executive Officer of the amalgamated company. Dr. Dan said, "I am very excited about the new amalgamated company. It will have not only the financial support over the next year of a successful generic pharmaceutical parent company, Novopharm Limited, it will also have a talented and experienced board of directors. The amalgamated company's platform technologies in three distinct areas, generic biopharmaceuticals, antisense antisense, DNA or RNA manipulated in a laboratory so that its components (nucleotides) form a complementary copy of normal, or "sense," messenger RNA (mRNA; see nucleic acid). and cancer immunotherapy, will permit risk-diversification and value-maximization in the commercialization of these products." Dr. Albert Friesen, who is currently the Chief Executive Officer of Genesys Pharma and who will be President of the amalgamated company, stated, "We are very pleased that our shareholders have endorsed this amalgamation. I believe that this is an important step in creating value for our shareholders and that the complementary management and technological strengths of the two companies will create a strong, dynamic company, providing the basis for future growth." The amalgamation agreement approved today by shareholders provides that shareholders of Genesys Pharma, other than Dr. Friesen, Leona Friesen, and the Mennonite Foundation of Canada (who will receive 0.685 common shares of the amalgamated company for each common share of Genesys Pharma held), will receive 1.6 common shares of the amalgamated company for each common share of Genesys Pharma held. CONTACT: Novopharm Biotech Inc. Stacey Jurchison, 416/ 291-8888 ext. 5165 or Genesys Pharma Inc. Dawson Reimer, 204/ 488-4244 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion