Celtic Pharma to acquire Xenova with up to £26.1 million 15% notes due 2011

By Jennifer Chiou

New York, Aug. 25 - Celtic Pharma Capital, Ltd. and Celtic Pharma Development UK plc said they intend to issue notes as payment for the acquisition of Xenova Group plc, according to a T-3 filing with the Securities and Exchange Commission.

According to the arrangement, Celtic Pharma will issue up to £26.1 million of 15% secured loan notes due 2011 to Xenova shareholders in exchange for all of Xenova's shares.

Celtic Pharma Holdings, LP, a Bermuda-based private equity investment fund, announced the acquisition on June 24.

As previously announced, Xenova, a London-based biotechnology company, and Celtic Pharmaceutical Group member Celtic X Licensee have also completed a license agreement for Xenova's nicotine and cocaine vaccines for drug addiction, TA-NIC and TA-CD.

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