Biomedica rejects new takeover bid (From Herald Series)

Biomedica rejects new takeover bid

4:30pm Friday 15th August 2008

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BIOTECH firm Oxford BioMedica has rejected a second takeover approach by an American firm.

Directors at the company based on the Oxford Science Park originally vetoed a move by GeneThera in July and have now blocked a second attempt which would have involved an all share offer.

In a statement, the Biomedica board said: "This unsolicited approach is not credible and is not in the interests of shareholders."

The revelation follows the news that a trial of Oxford Biomedica's kidney cancer vaccine Trovax would not meet its goal.

The company's shares slumped as a result to 7.5p from a high of more than 50p. Yesterday frithey rallied to more than 10.5p

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