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news.Arch Biopartners, which develops and sells new products and technology to pharmaceutical and industrial companies, has agreed to purchase the 1/3 equity stake it does not already own (the minority shares) in its American subsidiary, Colorado Cancer Therapeutics (CCT).
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The minority shares are currently owned by University of Colorado (CU) chemists Lajos Gera and Robert Hodges (the minority shareholders) who have granted the sole and exclusive option to the company to acquire the minority shares (the option) in return for 500,000 common shares in the capital of Arch to each Minority Shareholder, at a deemed price of $0.80/common share for a total deemed consideration of $800,000.
Arch Biopartners said that the option is exercisable after 20 November 2011 and no later than 20 May 2013.
CCT was formed to acquire and develop anti-cancer compounds invented at the University of Colorado and Emory University by Lajos Gera, Robert Hodges, Paul Bunn, John Stewart, Dan Chan, Leland Chung and Daqing Wu.