Business
Re Proposed Disposal
Re Proposed Disposal.
About this update from Aura Renewable Acquisitions Plc
[{"type":"text","content":"\n Ardana PLC\n19 February 2008\n\n Ardana plc\n\n PROPOSED SALE OR MERGER OF THE COMPANY\n\nEdinburgh, UK, February 19, 2008: Ardana plc (LSE:ARA), the emerging\npharmaceutical company focused on the discovery, development and marketing of\ninnovative products to improve human reproductive health, today announces that\nit is seeking to sell or merge the Company in order that the value of its\npipeline can be maximised. Piper Jaffray Ltd. has been appointed to advise the\nCompany in connection with this process.\n\nSeparately Ardana has today issued its Interim Management Statement for the\nperiod 1 October 2007 to 31 December 2007 which also details a restructuring\nprogramme to reduce the Company's cash commitments (see separate press release).\n\nProposed Sale or Merger of the Company and associated restructuring\n\nIn December 2007 the Company announced the results of a strategic review as a\nresult of which the Board has directed the Company's efforts and resources on\nthe high-value, nearer term opportunities in Ardana's pipeline, such as\nTeverelix LA and Testosterone Cream. Ardana has reported positive clinical\nresults in both these product candidates during the period and believes that\nthey both have substantial commercial potential. Partnering discussions\ncontinue on the co-development of Teverelix LA and for the co-development and\ncommercialisation of Testosterone Cream in the USA. Interest has also been\nexpressed for other assets within the Company's portfolio of clinical products.\n\nFollowing the strategic review announcement, Ardana has had consultations with\nits major shareholders to explore the options available to the Company to\nrealise increased value for its pipeline. As a result of these discussions and\nthe prevailing market conditions, the Board has concluded that shareholder value\nis more likely to be maximised through seeking a sale or merger partner which\nwill be better placed to fund the Company's extensive clinical development\nportfolio.\n\nArdana also announces a restructuring of the business to reduce the Company's\ncash commitments and enhance the Company's position in future discussions with\npotential sale or merger partners. The Company operates a 'virtual' business\nmodel which has resulted in a low cost base such that most activity and cost is\nborne by the research and clinical deve...