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Johannesburg - JSE-listed Sekunjalo Investments Limited (SKJ) on Thursday announced it has subscribed for just under fifty percent of the equity of Bioclones (Pty) Limited, a leading South African Biotechnology company.
The purchase consideration payable is R19.9m to be settled through the issue of 16.6 million new Sekunjalo shares to Bioclones.
Sekunjalo considers its investment to be considerably discounted since Bioclones has built a significant presence in the Biotech sector.
Bioclones has 22 registered patents and further 12 pending registration, and is an established Biotech company operating in a US$12bn world-wide market.
Dr Surve, Sekunjalo's chief executive is to be appointed chairperson of Bioclones and Dr Cyril Donninger will remain as an executive director.
Further board appointments will be announced in the near future.
Bioclones develops and manufactures biotechnology products for human pharmaceutical use. It has been successful in developing, manufacturing and registering formulations of recombinant human erythropoietin, the world's leading biotechnology product based on sales value.
Recombinant human erythropoietin today commands a worldwide market of over US$12bn.