www.asterand.com
Asterand plc is the leading global supplier of high quality, well characterized human tissue and human tissue-based research services to drug discovery scientists. Our mission is to provide human tissues and services to accelerate the identification and validation of drug targets and enhance the selection of drug candidates with an increased likelihood of clinical success.
Asterand put up for sale; still in talks with "potential funder"
The board of the human tissue group Asterand (LON:ATD) has formally placed the business up for sale as it explores funding options for the company.
Asterand, which revealed in August that it would be in breach of its funding covenants in the near future, said it has received default notices from Silicon Valley Bank and holders of BioSeek notes.
In the case of the latter the company has 120 days to remedy the situation. However there was no such dispensation in the agreement with SVB.
Asterand has been in discussions with a “potential funder” with a view to refinancing the business.
“However, whilst these discussions are still on-going there is no certainty that these talks will be successful,” the group said.
“Given the company's financial position and the need to raise additional working capital in the short term, the board now feel that alternative options need to be considered including a sale of all or part of the business.
“As such, the board has decided to commence a formal sale process for the entire issued and to be issued share capital of the company. “
Potential bidders are being asked to contact the City firm Daniel Stewart.
Once non-disclosure agreements are signed would-be buyers will be given access to a dataroom and management presentations.
“The board is currently targeting a deadline of second half of November for determining a potential offer for the company,” Asterand said.
“Due to the board's desire to conclude a deal within a short period of time, preference will be given to cash only offers for the company.”
