News - Accura announcements

The Directors of Accura Pharma announced on the 24th of August 2007, the Demerger of the Company’s Human Therapeutics and Animal Therapeutics Divisions.

The objective of the Demerger is to separate the Human Therapeutics Division from the Animal Therapeutics Division in the Company by dividing Accura Pharma plc into two independently operated publicly traded companies, to be known as Accura Animal Health plc and Reform Pharma plc.

Under the proposals, the entire issued share capital of Accura Therapeutics Limited and Cain Biotech Limited will be transferred from Accura Pharma plc to a new holding company, Reform Pharma plc.

Each shareholder of record of Accura pharma plc ordinary shares at 3:00pm on the 9th of October 2007 will receive 1 ordinary share in Reform Pharma plc for each share they hold in Accura Pharma plc.

Under the terms of the proposal it is envisaged that Reform Pharma plc will commence trading on PLUS in the second week of October 2007.

Subsequent to the Demerger, Accura Pharma plc will change its name to Accura Animal Health plc.

Bernard Ross, CEO of Accura Pharma plc commented, “We believe that the divestment of our human therapeutic division into its own separately traded public company “Reform Pharma” will unlock the significant value that we believe the market is not currently recognising. Importantly the divesture will leave Accura Animal Health plc (formerly Accura Pharma plc) as a company solely focused on becoming a market leader in an underserved market with a value in excess of US$18 billion”. Ross continued “With the company’s two lead products being near to market management resource at Accura needs to focus on ensuring the company successfully develops and launches these two potential blockbuster products.

In addition we believe we have significant opportunities in the recently acquired animal diagnostics division which we intend to fully capitalise on”.

The Demerger is conditional upon, amongst other things, Shareholders approving the Resolutions at the Extraordinary General Meeting of the Company to be held on the 19th of September 2007 and Reform Pharma plc’s admission to trading on PLUS.

The Directors of the Issuer accept responsibility for this announcement.

Downloads: EGM Notice  and Proxy Form