Elevage Medical Technologies and M&G Investment Management Limited signed term sheet to acquire an 15% stake in 4basebio PLC (AIM:4BB) from entities belonging to Deutsche Balaton AG (HMSE:BBHK), certain management and directors of 4basebio and 2invest AG for £29.39 million on July 29, 2024. A cash consideration valued at £15 per share will be paid by Elevage Medical Technologies and M&G Investment Management Limited. The investment will consist of a £40 million issuance of new shares and the acquisition of £29.4 million of shares from certain existing shareholders. Following completion, Elevage and M&G will together hold 29.9% of 4basebio.

The Issuance, which is interconditional with the Secondary Sale, is conditional upon any necessary clearance under the National Security and Investment Act 2021 and merger control approval and completion of final documentation. Subject to these conditions, the Issuance and Secondary Sale are expected to become unconditional following receipt of regulatory approvals, later in 2024. A further update on this will be made in due course.

Ian Bushner, Tamara Young and Charles Hayes of Freshfields Bruckhaus Deringer LLP acted as legal advisor for Elevage Medical Technologies. James Paton-Philip and Francois De Lange of Hill Dickinson LLP acted as legal advisor and Jo Turner and Sandy Jamieson of Cairn Financial Advisers LLP acted as nominated advisor for 4basebio PLC. With the exception of Heikki Lanckriet, David Roth and Joseph Fernandez, the directors of the Company, having consulted with the Company's Nominated Adviser, Cairn Financial Advisers LLP, consider the terms of the Transaction to be fair and reasonable insofar as the Company's shareholders are concerned.