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Gold/Mining/Energy : Cangene . TSE.. CNJ

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To: robin hood who wrote (191)	8/5/1999 8:12:00 AM
From: SurfForWealth	Read Replies (1) of 227

Cangene announces agreement to acquire Hyal Listed TSE, Symbol: CNJ TORONTO/WINNIPEG, Aug. 3 /CNW/ - Cangene Corporation today announces that it has entered an agreement with Hyal Pharmaceutical Corporation (NASDAQ/OTC Bulletin Board: HYALF; TSE: HPC) to acquire all of the issued and outstanding shares of Hyal for $0.08 per share in cash on closing. The transaction is expected to close on or about September 20, 1999. Cangene has agreed to provide interim funding of up to $350,000 on a secured basis. Closing of the transaction will be subject to a number of conditions, including the entering of an agreement between Cangene and the debenture holders for the repayment of Hyal's 12% subordinated debentures on terms satisfactory to Cangene. Cangene is one of Canada's largest biotechnology companies. Founded in 1984 in Mississauga, Cangene's main locations now include Mississauga and Winnipeg. It uses patented manufacturing processes to produce plasma-derived and recombinant therapeutic proteins. It is also using its drug-manufacturing expertise in a developing contract manufacturing business. Its FDA-licensed, ISO 9001-registered manufacturing facilities are located in Winnipeg.

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