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.
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