Sumitomo Dainippon Pharma, a $10 billion Japanese pharma company listed on the Tokyo Stock Exchange, has lobbed a $204 million takeover bid for Cynata Therapeutics (ASX:CYP).
At a Glance
- Cynata has revealed it received a takeover offer from Sumitomo Dainippon Pharma
- Sumitomo is a large Japanese pharmaceutical company with a history dating back to 1885
- Cynata is weighting up the offer and will advise shareholders in due course
Cynata’s shares rose from $1.36 to $1.60 in the five days to July 16, prompting a please explain from the ASX; Cynata then revealed it had received an indicative, non-binding and conditional proposal from Sumitomo at $2 a share, valuing the regenerative medicine biotech at around $204 million.
Cynata also confirmed it had been in “engagement with certain other parties in relation to making a proposal”, though those discussions have since ceased.
“The negotiations between Cynata and Sumitomo are incomplete and any entry by the parties into binding transaction documents remains subject to a number of conditions,” Cynata said in a statement.
“There is no certainty that an agreement will be reached or that the proposal will be implemented. Cynata will keep the market informed in accordance with its continuous disclosure requirements. Cynata has no further comment at this time and no action is required by Cynata’s shareholders.”
This content is produced by Star Investing in commercial partnership with Cynata. This content does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Don’t miss a thing, subscribe now