Molecular Pharmacology (USA) to buy Australia's Molecular Pharmacology

New York, Dec. 5 - Molecular Pharmacology (USA) Ltd. said it has agreed to buy Molecular Pharmacology Ltd. from PharmaNet Group Ltd. of Australia for 88 million shares of its common stock.

Molecular Pharmacology (USA) said that acquisition of the PharmaNet subsidiary will provide it "with an immediate and solid international foundation and will allow it to grow its business into all major geographical markets."

Under the transaction, Molecular Pharmacology (USA) will issue 88 million of its shares to PharmaNet in exchange for Molecular Pharmacology Ltd.

The transaction is subject to approval by Molecular Pharmacology (USA)'s shareholders.

Molecular Pharmacology (USA) is a Los Angeles biotechnology company developing analgesic and anti-inflammatory products based on the proprietary MPL-TL compound.

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