Date: 2013-01-25
Type of information: Company acquisition
Acquired company: Pierrel Research International (Contract Research Organization of Pierrel - Italy)
Acquiring company: mondoBIOTECH (Switzerland)
Amount:
Terms: Pierrel, a global pharmaceutical provider listed on the Italian Stock Exchange, and mondoBIOTECH have entered into a binding agreement for the combination of the Contract Research Organization (CRO) of Pierrel SpA with mondoBIOTECH. According to the agreement, Pierrel will contribute 100% of the share capital of Pierrel Research International AG, the holding company of the CRO, by way of a contribution in kind through a dedicated capital increase of mondoBIOTECH. Thereby, Pierrel Research International AG shall become a wholly owned subsidiary of mondoBIOTECH, and Pierrel SpA shall be allocated 2.75 new shares of mondoBIOTECH for each share held by the current shareholders and by the holders of option and conversion rights in mondoBIOTECH. Such exchange ratio has been derived from a number of criteria, later to be confirmed by an independent fairness opinion. As a result of the transaction, Pierrel SpA will become the majority shareholder of mondoBIOTECH.
The binding agreement has been approved by the board of directors of Pierrel SpA and mondoBIOTECH, respectively, and the business combination is subject to a number of closing conditions, including the conduct of reciprocal due diligence and approval of a dedicated capital increase by the shareholders of mondoBiotech. The value created by the combination of Pierrel Research with mondoBIOTECH will aim to expand the horizons of R&D in the pharma industry through the evolution of a tech-based Contract Research & Development Organization.
Details:
Related: Clinical research
CRO
