Senetek acquisition
This article was originally published in The Rose Sheet
Executive Summary
Kinetin manufacturer has signed a letter of intent to acquire IGI, the makers of a patented micro-encapsulation dermal delivery technology called Novasome. Company expects to tap cross-selling opportunities between Kinetin skin care ingredient and Novasome and says the acquisition will diversify and strengthen its existing portfolio. Senetek will acquire IGI in a stock-for-stock transaction in which Senetek shareholders would receive 60% of the shares of a newly formed holding company and IGI shareholders would receive 40%. Agreement is subject to due diligence review and approval from the respective boards of directors and shareholders...