Cell therapy company Bone Therapeutics (Euronext Brussels:BOTHE) (Euronext Paris:BOTHE) announced on Tuesday that it has completed its acquisition of a majority shareholding in Medsenic, a privately held, clinical stage biotech company.

Incorporated in France, Medsenic specialises in the development of optimised formulations of arsenic Trioxide (ATO) and their applications in serious inflammatory/autoimmune conditions and other potential new indications in related fields.

Medsenic's shareholders have contributed 51% of the total outstanding share capital of Medsenic, valued at EUR40.8m, at a subscription price per share of EUR0.45, which values Bone Therapeutics at EUR10m. In exchange for the in-kind contribution of 51% of Medsenic's shares, 90,668,594 shares were issued by Bone Therapeutics to Medsenic shareholders.

The transaction was approved during an extraordinary meeting of Bone Therapeutics' shareholders held on Monday.

Shareholders also approved Bone Therapeutics' name change to BioSenic. This will be implemented in the next few days and the company's ticker symbol on Euronext will change from 'BOTHE' to 'BIOS'. Its new corporate website will be www.biosenic.com.