Maneesh Pharmaceuticals owns 54.3% of Synovics

By Lisa Kerner

Charlotte, N.C., Aug. 29 - Maneesh Pharmaceuticals Ltd. affiliate Svizera Holdings BV acquired 2,000 shares of Synovics Pharmaceuticals, Inc.'s series C preferred stock for $500 per share on Aug. 22.

The investor also acquired warrants for 1 million shares of the company's common stock for a total purchase price of $1 million, according to a schedule 13D filed with the Securities and Exchange Commission.

According to the filing, the series C preferreds are convertible into shares of Synovics common stock at an initial rate of 1,000 shares of common stock for each preferred.

The warrants are exercisable for a period of five years at an initial exercise price of $0.75 per share.

Maneesh beneficially owns approximately 27.9 million shares, or 54.3%, of the Phoenix-based specialty pharmaceutical company.

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