Expedeon Approves Future Focus on DNA Manufacturing For Gene Therapy
Product News Dec 20, 2019
Expedeon AG has announced that the Company’s Extraordinary General Meeting (EGM) held in Heidelberg today has approved all management proposals by a large majority without objection. The EGM was held to seek shareholder approval for the sale and purchase agreement with Abcam plc., with respect to the sale of the Company’s proteomics and immunology business for EUR 120 million, as announced on November 11, 2019; as well as the proposed name change to 4basebio AG, reflecting the Company’s future focus on DNA manufacturing for gene therapy and gene vaccines. Furthermore, approval was sought to enable the Company to set up share buy-back schemes.
“The agreement with Abcam to sell our proteomics and immunology business activities marks an important milestone in our corporate development. The size of the transaction illustrates the value creation of our buy & build strategy. The genomics assets retained in the group alongside the strong financial position of the organization provide us with an exciting growth opportunity,” said Dr. Heikki Lanckriet, CEO of Expedeon. “This transaction enables us to focus our efforts on our DNA manufacturing business, where a new market is opening up addressing the rapidly growing gene therapy and gene vaccine area. We would like to thank our shareholders for their approval and the trust placed in our future strategy.”
The EGM approved the resolution on the sale and purchase agreement including all annexes and components between Expedeon AG, Expedeon Inc., Abcam plc and Abcam Inc. dated 11 November 2019, concerning the sale and transfer of all shares in Expedeon Holdings Limited from Expedeon AG to Abcam plc as well as the sale and transfer of individual assets from Expedeon Inc. to Abcam Inc.
Also, the EGM approved the authorization to acquire and sell treasury shares under exclusion of shareholders' subscription and tender rights, valid until 18 December 2024.
Moreover, the EGM approved the resolution on the authorization to use derivatives in connection with the acquisition and sale of treasury shares in accordance with section 71 (1) no. 8 of the AktG under exclusion of subscription rights and shareholders' tender rights.
Furthermore, the EGM resolved the change of the Company name to 4basebio AG.