On July 13, 2001, KS Biomedix Plc of the United Kingdom completed the purchase of all of the outstanding shares of Avicenna Medica Inc. of Edmonton, Alberta for a total purchase price of $90 million. The price consisted of $10 million cash and $80 million worth of KS exchangeable shares. Avicenna has developed and patented certain gene therapies used to treat cancer known as AviMABTM and TransMIDTM.
Acting for the shareholders of Avicenna in the transaction were Jay Zammit (securities) and Brian Kot (corporate/commercial) of Burstall Winger LLP. Acting for KS were William Rosenberg, Stuart Olley, Christopher Nixon, Tyler Robinson and Dean Burns (securities) and David Weekes and Robert Hogan (tax) of Stikeman Elliott. KS was also represented as to UK law by Guy Billington, Jennifer Watt and Megan Wallis of CMS Cameron McKenna of London.