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Title: |
Business Purchase Agreement |
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Entities: |
Astrazeneca UK Ltd.; Bank of Ireland; Barclays Bank plc; Comerica Bank; Orchid Biosciences, Inc.; Bingham McCutchen; Tepnel Diagnostics Limited; Tepnel Life Sciences plc |
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Date: |
2003 |
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Size: |
92KB total |
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Price: |
$41 |
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ID: |
#191255 |
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Start of Preview |
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Dated 2003
(1) ORCHID BIOSCIENCES EUROPE LIMITED
(2) TEPNEL DIAGNOSTICS LIMITED
(3) ORCHID BIOSCIENCES, INC
(4) TEPNEL LIFE SCIENCES PLC
BUSINESS PURCHASE AGREEMENT
in respect of
Orchid Biosciences Europe Limited?s Diagnostics Business
Bird & Bird
90 Fetter Lane
London EC4A 1JP
Tel: 020 7415 6000
Fax: 020 7415 6111
Ref: NKM/MAC/ORCID.0023
CONTENTS
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Clause |
Page | |||
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1. |
Definitions and interpretation |
1 | ||
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2. |
Sale of Business |
8 | ||
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3. |
Excluded Assets and Liabilities |
10 | ||
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4. |
Purchase Price |
10 | ||
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5. |
Conditions Precedent to Closing |
11 | ||
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6. |
Covenants up to Closing etc |
12 | ||
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7. |
Escrow Closing and Closing |
14 | ||
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8. |
Warranties/Indemnity |
14 | ||
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9. |
Apportionments |
18 | ||
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10. |
Contracts |
19 | ||
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11. |
Accounts Receivable |
21 | ||
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12. |
Accounts Payable |
21 | ||
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13. |
Post Closing matters |
21 | ||
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14. |
Announcements |
22 | ||
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15. |
Employees |
23 | ||
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16. |
Independent Accountant |
25 | ||
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17. |
Value Added Tax |
25 | ||
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18. |
Interest |
27 | ||
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19. |
Confidentiality |
27 | ||
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20. |
Notices |
27 | ||
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21. |
General |
28 | ||
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22. |
Governing Law |
29 | ||
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23. |
Third Party Rights |
30 | ||
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24. |
Guarantee by Orchid |
30 | ||
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25. |
Guarantee by Tepnel |
32 | ||
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26. |
Transfer of Further Assets |
34 | ||
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27. |
Access |
34 | ||
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Schedule 1 Warranties |
36 | |||
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Schedule 2 |
52 | |||
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Schedule 3 Excluded Items |
58 | |||
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Schedule 4 Employees |
60 | |||
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Schedule 5 Inventory |
61 | |||
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Schedule 6 Equipment |
62 | |||
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Schedule 7 |
64 | |||
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Part 1 - Registered Business Intellectual Property |
64 | |||
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Part 2 - Unregistered Intellectual Property |
70 | |||
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Part 3 - IP Agreements |
71 | |||
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Part 4 - Domain Names |
73 | |||
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Schedule 8 Contracts |
74 | |||
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Schedule 9 Licensed-in Intellectual Property |
77 | |||
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Schedule 10 Exchange Accounts Payable |
78 | |||
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Schedule 11 Accreditations |
79 | |||
Agreed Form Documents
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1. Business Intellectual Property Assignments |
6. Management Accounts | |
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2. Assignments/Novations |
7. Notice of AGM | |
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3. Circular |
8. Escrow Letter | |
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4. ARMs Sub-licence |
9. Licence of Shared IP | |
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5. ARMs Assignment and Sub-licence |
THIS AGREEMENT is made the day of 2003
BETWEEN:
| (1) | ORCHID BIOSCIENCES EUROPE LIMITED a company registered in England and Wales under registration number 4045527 the registered office of which is at 22 Blacklands Way, Abingdon Business Park, Abingdon, Oxfordshire OX14 1DY (the ?Seller?); and |
| (2) | TEPNEL DIAGNOSTICS LIMITED a company registered in England and Wales under registration number 41660049 the registered office of which is at Heron House, Oaks Business Park, Crewe Road, Wythenshawe, Manchester, M23 9HZ (the ?Purchaser?); |
| (3) | ORCHID BIOSCIENCES, INC a corporation registered in the State of Delaware the principal place of business of which is at 4390 U.S. Route One, Princeton, NJ 08540, U.S.A. (?Orchid?); and |
| (4) | TEPNEL LIFE SCIENCES PLC a company registered in England and Wales under registration number 2722343 the registered office of which is at Heron House, Oaks Business Park, Crewe Road, Wythenshawe, Manchester M23 9HZ (?Tepnel?). |
RECITALS
| (A) | The Seller carries on the Diagnostics Business (as defined below). |
| (B) | The Seller wishes to sell and the Purchaser wishes to purchase the goodwill and the assets of the Diagnostics Business with a view to carrying on the Diagnostics Business as a going concern in succession to the Seller on the terms and subject to the conditions set out in this Agreement. |
| (C) | Orchid also wishes to sell and Tepnel wishes to purchase, via its U.S. registered subsidiaries, Tepnel Lifecodes Corporation and Tepnel North America Corporation, the business of providing products and services for genetic diagnostic testing carried on by Orchid in the US (the ?US Business?). The sale of the US Business is the subject of a separate agreement (the ?US Business Sale Agreement?) to be completed simultaneously with this Agreement. |
OPERATIVE PROVISIONS
| 1. | Definitions and interpretation |
| 1.1 | In this Agreement: |
?Accounts Date? means 31 December 2002;
?Accounts Payable? means the aggregate amount owing by the Seller in connection with the Diagnostics Business to any creditors at the Effective Time, being those of
1
the Exchange Accounts Payable which have not been discharged by the Effective Time together with the Closing Accounts Payable;
?Accounts Receivable? means:
| (i) | any debts or other sums due or payable to the Seller in connection with the Diagnostics Business at the Effective Time; |
| (ii) | any debts or other sums due or payable to the Seller after the Effective Time in connection with goods supplied or services performed in connection with the Diagnostics Business prior to the Effective Time; |
| (iii) | any interest payable on those debts or other sums; and |
| (iv) | the benefit of all securities, guarantees, indemnities and rights relating to those debts or other sums, |
but specifically excluding any sums due or which may become due from DKMS;
?Act? means the Companies Act 1985, as amended;
?Admission? means admission of the Placing Shares to trading on AIM in accordance with Rule 6 of the AIM Rules;
?Admission Condition? means the Condition in clause 5.1;
?Agreed Form? means, in relation to any document, the form of that document which has been agreed and initialled by or on behalf of the parties for the purpose of identification immediately prior to the signing of this Agreement;
?AIM? means the Alternative Investment Market of the London Stock Exchange;
?AIM Rules? means the rules for AIM companies and their nominated advisers issued by the London Stock Exchange from time to time;
?ARMS Licence? means the licence dated 12 February 2001 between Astra Zeneca UK Limited and the Seller;
?Assets? means the several assets to be sold by the Seller to the Purchaser under this Agreement and described in Clause 2.1;
?Business Day? a day on which clearing banks are open for business in New York;
?Business Intellectual Property? means the Intellectual Property owned or possessed by the Seller and which is used exclusively in the Diagnostics Business including the registered patents and trade marks listed in Part 1 of Schedule 7 and the other rights listed in Parts 2, 3 and 4 of Schedule 7;
2
?Circular? means the circular to Tepnel shareholders substantially in the Agreed Form;
?Claim Entitlements? means any sums to which the Seller is entitled either from third parties or insurers under any warranty, term, condition, guarantee or indemnity (whether express or implied) in favour of the Seller in relation to any Asset or Transferred Liability or in respect of any damage or injury caused to the Assets save to the extent of sums expended by the Seller before the Closing in making good such damage;
?Closing? means completion of the sale and purchase of the Assets to take effect from the Effective Time in accordance with Clause 7 (Escrow Closing and Closing);
?Closing Accounts Payable? means those sums due to third parties by the Seller at the Effective Time incurred by the Seller in the ordinary course of the Diagnostics Business in the period from close of business on 30 September 2003 of this Agreement to the Effective Time;
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