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news.AMDL, a developer and marketer of tests for the early detection of cancer, has announced that it intends to acquire two Chinese pharmaceutical companies for up to 13,215,000 shares of AMDL common stock.
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The two unnamed pharmaceutical firms manufacture a number of products, including injectables and tablets. Revenues from the two firms to be acquired are expected to be an aggregate of $6 million for the 12 months ending December 31, 2005.
The number of shares to be issued in exchange for the stock of the two companies is dependent on the companies meeting certain financial tests for the period ending December 31, 2005.
“We are very excited with the opportunities this transaction offers to both our company and our shareholders,” said Gary Dreher president and CEO of AMDL. “This acquisition is anticipated to create a lower risk, broader operating business that takes advantage of China’s growing pharmaceutical industry.”
The transaction is subject to AMDL stockholder approval and other conditions to be set forth in the definitive agreement, which is expected to be finalized by mid-December and the acquisition is anticipated to close in April 2006.