General Sales and Leasing, Inc (GSL) and Xenetic Biosciences plc announced that they have reached an agreement on the terms of a recommended proposal for the Acquisition under which GSL will acquire the entire issued and to be issued share capital of Xenetic.

The Acquisition is to be effected by means of a scheme of arrangement under Part 26 of the Companies Act.

Under the terms of the Acquisition, Xenetic Shareholders will be entitled to receive 56 GSL Consideration Shares for every 175 Scheme Shares.

The Acquisition values each Xenetic Share at approximately 5.95 pence and the existing issued share capital of Xenetic at approximately GBP24.3 million.