Pharmexa enters into US market
Horsolm - The Danish biotech company Pharmexa A/S is to establish a US subsidary, following its acquisition of Epimmune assets from IDM Pharma for Euro10 million. Pharmexa is leading in the field of active immunotherapy for the treatment of cancer or chronic imflammatory diseases.
IDM was recently formed through the merger between Epimmune of the US and Immuno-Designed Molecules of France, and the divested assets used to belong to Epimmune. As Pharmexa stated, it would offer employment to the 27 members of staff who currently work at the San Diego facility. Behind the takeover is the hope that the new subsidiary will increase the firm's visibility in the US market. The acquisition might open up the possibility of applying for US public funds for its cancer and inflammation programmes.
To fund the acquisition Pharmexa has entered into an agreement with the investment bank ING to raise proceeds of around Euro10 million through the private placement of new shares.