Medicago sells 60 percent of its shares to MTPC
MTPC will purchase the shares for a total of $357 million. The decision was approved unanimously by Medicago's Board of Directors following a unanimous vote in favor of the transaction by a Special Committee of Independent Directors. The principal shareholder, who holds 38.5 percent of all issued and outstanding stock, is also in favor of the transaction.
"Mitsubishi Tanabe Pharma, a top 30 global pharmaceutical company, has been a solid and committed partner with the ability to drive Medicago's future growth and success in the development of our best-in-class rapid plant-based vaccines," Medicago President and CEO Andy Sheldon said. "Mitsubishi Tanabe Pharma's capabilities in biopharmaceutical research, development, and commercialization along with its financial stability offer us the ideal opportunity to realize the full potential of our platform. These resources provide us the ability to foster the development of innovative vaccines with the financial stability to expand our Quebec, Canadian, U.S. and global operations."
Representative Director of MTPC Michihiro Tsuchiya also expressed happiness in the new partnership and new expansion plans for the company.
"Building on our existing collaboration, we look forward to working with the management and employees of Medicago to further develop the business and advance their promising work," Michihiro said. "We are proud to invest in developing novel vaccines in Québec City and North Carolina as part of our global operations."