Pharmagesic Announces Expiry of Offer and Take Up of Additional Shares of WEX Pharmaceuticals Inc.
MONTREAL, March 11 /CNW/ - Pharmagesic (Holdings) Inc. ("Pharmagesic") announced today the offer by its wholly-owned subsidiary, 7735308 Canada Limited (the "Offeror" and, together with Pharmagesic, the "Offering Parties") to acquire all of the outstanding restricted voting shares (the "WEX Shares") of WEX Pharmaceuticals Inc. ("WEX") not already owned by Pharmagesic for C$0.14 cash per WEX Share (the "Offer") expired at 5:00 p.m. (Vancouver time) on March 10, 2011. The Offering Parties have instructed the depositary under the Offer to take-up and pay for the 514,690 WEX Shares deposited and not previously taken up (the "Additional Shares"). Once the Additional Shares are taken-up, the total number of WEX Shares held by Pharmagesic or its affiliates will be 399,010,876 WEX Shares, representing approximately 90.12% of the WEX Shares outstanding.
It is the current intention of the Offering Parties to enter into a subsequent acquisition transaction to acquire all of the remaining WEX Shares that were not acquired pursuant to the Offer and Pharmagesic requested that the board of directors of WEX set a record date and a meeting date for a special meeting of Shareholders of WEX to approve such a transaction.
About WEX Pharmaceuticals Inc.
WEX Pharmaceuticals Inc. is dedicated to the discovery, development, manufacture and commercialization of innovative drug products to treat pain. WEX's principal business strategy is to derive drugs from naturally occurring toxins and develop proprietary products for the global market.
About Pharmagesic (Holdings) Inc.
Pharmagesic (Holdings) Inc. is an indirect wholly owned subsidiary of CK Life Sciences Int'l., (Holdings) Inc. ("CKLS"). CKLS is a company listed on The Stock Exchange of Hong Kong Limited (stock code: 0775). Bearing the mission of improving the quality of life, CKLS is engaged in the business of research and development, manufacturing, commercialization, marketing and selling of environmental and human health products, and water business as well as investment in various financial and investment products. Products developed by CKLS are categorized into the areas of human health and environmental sustainability. CKLS is a member of the Cheung Kong Group. For additional information, please visit www.ck-lifesciences.com.
Forward Looking Statements and Information
Certain statements herein may contain forward-looking statements and
forward-looking information within the meaning of applicable securities
laws. Such forward-looking statements and forward-looking information
include, but are not limited to statements concerning the proposal from
Pharmagesic. Such statements and information include statements
regarding the expectation and beliefs of management and appear in a
number of places and often can be identified by the use of words such
as "plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate" or "believes" or variations of such words and
phrases or statements that certain actions, events or results "may",
"could", "would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements and information include, but are not limited
to statements or information with respect to known and unknown risks,
uncertainties and other factors which may cause Pharmagesic or WEX's
actual results, performance or achievements, or industry results, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking statements
and information. Such factors include, but are not limited to the
following: the proposal from Pharmagesic. There can be no assurance
that forward-looking statements or information referenced herein will
prove to be accurate, as actual results and future events could differ
materially from those anticipated in such statements or information.
Also, many of the factors are beyond the control of Pharmagesic.
Accordingly, readers should not place undue reliance on forward-looking
statements or information. All forward-looking statements and
information made herein, are qualified by this cautionary statement.
Pharmagesic (Holdings) Inc.:
Mrs. Wendy Tong Barnes
Chief Corporate Affairs Officer
CK Life Sciences Int'l., (Holdings) Inc.
2 Dai Fu Street
Tai Po Industrial Estate
Tai Po, Hong Kong
852 2122 2062