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Peptech appoints global financial adviser to examine strategic options
14 / 03 / 2007
Australian biotechnology company, Peptech Limited (ASX: PTD; AIM: PTDx) today announced the appointment of Citigroup Corporate and Investment Banking to advise the company on a broad range of strategic investment opportunities designed to unlock the inherent value in its business.
Peptech advised shareholders at its Annual General Meeting earlier this year that it had received unsolicited approaches from private equity firms, and was in varying stages of discussions with a number of global and industry specialist firms.
Peptech Chairman Mel Bridges said Citigroup's global and local expertise would enable the company to explore all opportunities aimed at achieving a value for Peptech that more accurately reflected its achievements, assets and position in the global biotechnology industry. Building the relationship with Citigroup allows us access to their expertise in both local and international markets, he added.
"Citigroup brings a wealth of experience in a range of relevant disciplines to Peptech, including leading advice in M&A activity, global and domestic industry knowledge and independent advice," Mr Bridges said.
"Through its detailed understanding of Peptech's business, Citigroup will advise on a range of corporate and strategic approaches to capitalise on the value of the company's well balanced and diversified asset base including the company's strong cash position of A$186 million, and to maximise its current position to deliver enhanced shareholder value."
Peptech Chief Executive Officer Dr John Chiplin said the interest shown by the industry's leading private equity companies and since the AGM other biotechnology companies, highlights the international recognition Peptech has received as a next generation biologics company.
Peptech advised shareholders at its Annual General Meeting earlier this year that it had received unsolicited approaches from private equity firms, and was in varying stages of discussions with a number of global and industry specialist firms.
Peptech Chairman Mel Bridges said Citigroup's global and local expertise would enable the company to explore all opportunities aimed at achieving a value for Peptech that more accurately reflected its achievements, assets and position in the global biotechnology industry. Building the relationship with Citigroup allows us access to their expertise in both local and international markets, he added.
"Citigroup brings a wealth of experience in a range of relevant disciplines to Peptech, including leading advice in M&A activity, global and domestic industry knowledge and independent advice," Mr Bridges said.
"Through its detailed understanding of Peptech's business, Citigroup will advise on a range of corporate and strategic approaches to capitalise on the value of the company's well balanced and diversified asset base including the company's strong cash position of A$186 million, and to maximise its current position to deliver enhanced shareholder value."
Peptech Chief Executive Officer Dr John Chiplin said the interest shown by the industry's leading private equity companies and since the AGM other biotechnology companies, highlights the international recognition Peptech has received as a next generation biologics company.