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Medical Australia to acquire animal stem cell technology company MediVet

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Medical Australia (ASX: MLA) has now signed an agreement to acquire Medivet Pty Ltd, which is a private Australian company with proprietary ownership technology for regenerative stem cell technology for domestic animals and the equine industry.

Consideration for the deal will by around 36.6 million shares at $0.30 for total consideration of $11 million.

MLA announced in June this year that it intended to acquire MediVet for $10 million in a 50/50 cash and scrip transaction.

The latest agreement has been executed in order to provide a quicker close so immediate business opportunities can be pursued. The acquisition is subject to shareholder approval.

The acquisition by MLA is company transforming, and it creates a unique and profitable human and animal healthcare company with a global footprint.


MediVet back story

Founded in 2008, MediVet is a leader in the animal healthcare market and has developed a range of animal healthcare products which are highly regarded in a number of global markets.

The company is best known for developing the world-first in house regenerative animal stem-cell technology which has been commercialised for the veterinary and equine markets throughout the world.

 

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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