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GeneScan Takes 25.1 Percent Stake in MWG, MWG Sells Convertible Bond for 6.5M Euros

Jan 03, 2005

NEW YORK, Jan. 3 (GenomeWeb News) - GeneScan Europe has acquired 25.1 percent of MWG Biotech pursuant to a stock-purchase agreement with two major shareholders announced last month.

 

Specific details of the sale, which included 8,656,500 shares of MWG, were not disclosed.

 

GeneScan also has purchased about €2 million in MWG convertible bonds from the shareholders.

 

MWG Biotech said separately that it has sold convertible bonds totaling €6.5 million. Proceeds of the sale will be used to support MWG's ongoing restructuring, the company noted.

 

In November, the company said it expected to raise €10 million through the sale of its convertible bonds.

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