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Oct 25, 2006

Aptuit and Forbes Continue Acquisitions Spree

  • Aptuit has acquired SSCI. According to Aptuit, the transaction will enable it to leverage SSCI's expertise in solid-state pharmaceutical product development to broaden its own service offering for customers. The acquisition is expected to close within 30 days.

    As part of this deal, Aptuit will acquire SSCI's facilities in West Lafayette, IN, Atlanta, GA, and Oxford, U.K., and retain SSCI's approximately 100 employees. SSCI will continue to operate under the SSCI brand for a period of time.

    In addition, Forbes Medi-Tech has procured TheraPei Pharmaceuticals, a privately held company formed with technology spun-out of Sequenom focused on developing pharmaceuticals directed at the underlying causes of type 2 diabetes and related metabolic diseases.

    Consideration for the acquisition will be made on a staged basis commensurate with development of the newly acquired technologies. The acquisition consideration will consist of a small upfront payment, the issuance of common shares not to exceed 150,000 on closing, plus future consideration consisting of milestone payments, licensing revenue, and/or royalties. Potential milestone payments may reach up to $50 million based upon the successful completion of key clinical development steps.

    Forbes will further develop TheraPei technologies along with Forbes' existing technologies with R&D based in San Diego and Forbes' clinical development team in Vancouver. TheraPei's founder, John Nestor, will be appointed CSO of Forbes on closing.



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