Published 20 July 2012
NZX-listed biotechnology company Genesis Research & Development Corp Ltd said yesterday the merger talks begun 6 months ago with unlisted public Australian pharmaceutical development company Mariposa Health Ltd were over.
Those merger talks began 3 months after Genesis ended its business dealings with May Wang, the controversial Chinese entrepreneur who fronted UBNZ Funds Management Ltd, which had taken a 19.5% stake in Genesis in mid-2010 and looked like a saviour 2 months after Genesis had suspended operations for lack of funding.
Genesis chief executive Stephen Hall said yesterday the merger talks were terminated after it became apparent it wouldn’t proceed as originally contemplated.
Genesis built a broad therapeutic development platform targeting immune disorders & cancer and a novel single-stranded gene-silencing technology using the RNAi mechanism. The company holds an equity interest in Real Time Genomics Inc and has royalty rights resulting from previous collaborations for various products that are being developed by other parties in various fields, including agriculture & forestry.
Ms Wang sprang to attention in 2010 when she & UBNZ proposed buying the Crafar family’s $200 million portfolios of farms from their receivers, but Ms Wang was adjudicated bankrupt in December 2010 and Cabinet Ministers Maurice Williamson & Kate Wilkinson declined consent for the purchase a fortnight later.
24 December 2010: Government rejects Natural Dairy bid for Crafar farms
9 December 2010: May Wang bankrupt
31 August 2010: May Wang-supported Genesis Research cuts loss
30 June 2010: May Wang turns into saviour for Genesis Research
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Attribution: Company release, story written by Bob Dey for the Bob Dey Property Report.