Dendritic Nanotechnologies Inc. (DNT) and Starpharma Holdings Limited (ASX:SPL, USOTC:SPHRY), today signed an agreement for Starpharma to acquire the outstanding equity of U.S.-based DNT for $6.97 million, payable through the issue of Starpharma shares. Starpharma currently owns 33% of DNT, and The Dow Chemical Company is the other major shareholder, with a 30% equity stake.
The transaction is subject to DNT shareholder approval, which is expected to be obtained in the next two weeks. DNT will retain its corporate identity, remain a U.S. corporation based in Mount Pleasant, Michigan, and will become a wholly owned operating subsidiary of Starpharma.
The resulting company will be positioned as the global leader in dendrimers, holding a dominant IP portfolio in the field of dendrimer-based nanotechnology. More here.
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