Response Biomedical to be taken private by OrbiMed, Shanghai Runda
Response Biomedical Corp (TSX: RBM) has agreed to be acquired by an affiliate of U.S. health investment firm OrbiMed Advisors and China's Shanghai Runda Medical Technology Co Ltd. The deal will see certain Response investors receive a cash consideration of $1.12 per share and result in the delisting of the company. Shareholders are expected to vote on the proposal by October 17. Vancouver-based Response, a maker of rapid on-site diagnostic tests, is an existing portfolio investment of OrbiMed. The latter currently holds a 50.1 percent interest. As part of the take-private deal, OriMed and Shanghai Runda have agreed to provide the company with about US$1 million in funding.
17 June 2016•10 mins read
