Sumitomo Dainippon confirms takeover talks with Cynata
Australian stem cell and regenerative medicine firm Cynata Therapeutics (ASX: CYP) saw its shares leap as much as 15.5% to A$1.85, after it revealed that it has received an indicative, non-binding and conditional proposal from Japan’s Sumitomo Dainippon Pharma (TYO: 4506) regarding a possible acquisition at a price of $2.00 cash per share – around $202 million in total - by way of a scheme of arrangement.
The release advises that the Cynata board has decided to grant non-exclusive due diligence access to Sumitomo Dainippon Pharma.
It also stated that Cynata has continued engagement with certain other parties in relation to making a proposal. Cynata’s discussions with such other parties have ceased.
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