BioFocus to acquire Cambridge Drug

AIM-listed BioFocus (LSE:BIO) will acquire Cambridge Drug Discovery (Cambridge, U.K.), a biology services company, for 27.5 million ($39.5 million) in stock. Cambridge Drug focuses on assay and high throughput screening systems for the discovery of small molecules that modify cellular signaling, and develops assays for ion channels, G protein-coupled receptors and kinase targets. BIO, a drug discovery chemistry services company, is offering 17.5 shares for one Cambridge Drug share and expects to issue 5.3 million BIO shares for the 305,575 fully diluted Cambridge Drug shares outstanding. After the deal, Cambridge Drug shareholders would own 33% of BIO. ...