Commonwealth Biotech Invests in Venturepharm JV

by: ChinaBio Today posted on: July 13, 2008 | about stocks: CBTE ) and Venturepharm Laboratories tightened up their relationship as Commonwealth exercised a $1 million put option with Venturepharm. Under the terms of the deal, Commonwealth sold 463,426 shares of common stock to Venturepharm at $2.15 per share, a 56% premium to the June 30, 2008 share price of $1.38. CBI received $500,000 in cash and 2.22 million shares of Venturepharm Holdings [HKEX: 8225], the parent of Venturepharm Labs. The shares are also worth $500,000. Commonwealth said it would use the proceeds in Venturepharm Asia, the joint venture formed between the two companies. The JV recently procured two preclinical chemistry facilities in China that Commonwealth will use to house and expand the operations of Exelgen and Mimotopes, its small molecule and... [read full story]