Tepnel investors back £93m sale
SHAREHOLDERS have given the green light to US company Gen-Probe’s £93m recommended takeover of North West bio-tech firm Tepnel Life Sciences.
At a meeting today more than 90% of investors approved the deal to sell the Wythenshawe-based company.
The acquisition will be completed via a scheme of arrangement and is expected to be effective as of April 7. Tepnel’s shares will be delisted from April 8.
Last week Tepnel revealed that profits had doubled to £2.7m and turnover had risen 36.5% to £24.3m in the year to December 31.
The company, which floated in 2001, has two main divisions, one focused on molecular diagnostics and the other on research.
The molecular arm produces testing kits for genetic conditions like cystic fibrosis while pharmaceutical firms, such as AstraZeneca, outsource work to the research division. During the period like-for-like sales at the molecular arm rose 35% while the research division enjoyed 39% growth.
