Commonwealth Biotechnologies signs term sheet to acquire Mimotopes

By Lisa Kerner

Charlotte, N.C., July 26 - Commonwealth Biotechnologies, Inc. said it signed a non-binding term sheet to acquire the outstanding capital stock of Mimotopes Pty Ltd., a wholly owned subsidiary of PharmAust Ltd.

Provisions of the term sheet include Commonwealth Biotechnologies' valuation of Mimotopes in the range $6.5 million and $8 million.

In addition, Commonwealth Biotechnologies will pay the purchase price in shares of its common stock and identify key employees for mutually acceptable employment arrangements.

The term sheet will terminate if definitive agreements have not been executed by both parties on or before Sept. 30, according to a news release.

PharmAust is a vertically integrated pharmaceutical group of companies based in Nedlands, Australia.

Commonwealth is a Richmond, Va., research and development company focused on the biotechnology industry.

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