Amrad

Australian anti-infectives business to be demerged

Published in FDA Law Weekly, July 22nd, 2004

As foreshadowed at its AGM last October, Australian biotech Amrad announced that it will spin-out its advanced anti-infectives drug portfolio into a new corporate entity, Avexa Limited.

The spin-out will be effected by a demerger to existing Amrad shareholders.

Thus, Amrad shareholders will become entitled to shares comprising approximately 80% of the demerged company while Amrad itself will retain an estimated 19.99%.

Amrad will invest $12 million in Avexa and these funds will be used as initial working capital to complete proof-of-concept animal trials for each of its three anti-infectives research projects.

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Source: FDA Law Weekly (2004-07-22)

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