BioProgress to acquire Segix Farma for €1.95 million

By Elaine Rigoli

Tampa, Fla., June 20 - BioProgress plc has agreed to acquire Segix Farma SRL for about €1.95 million, paid in cash and BioProgress equity.

The cash element, to be paid on completion, comprises a payment of €700,000, subject to an adjustment to reflect the stock and net cash of Segix on completion.

The equity element comprises up to €1.25 million in sterling-denominated ordinary shares, contingent upon certain events occurring, including the extension or renewal of various product distribution agreements.

The shares to be issued will be subject to lock-in periods of up to 18 months.

Segix is an Italian specialty pharmaceutical company based near Rome.

BioProgress is a specialty pharmaceutical and health care business based in Cambridge, England.

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