15.06.2012 - US pharma firm Upsher-Smith Laboratories makes a bid to acquire UK-based drug developer Proximagen
London/Cambridge/ Maple Grove – Upsher-Smith’s $553m bid to bag Proximagen Group plc will add two promising drugs to the portfolio of the generics maker. In detail, the US firm will pay $347 million for the 84% outstanding shares of Proximagen, a 16% premium on its share price before the bid. Additionally, milestones totalling $206 million will be paid in case of successful development of two pipeline compounds to the British firm.
RRX00933 is a vascular adhesion protein 1 blocker which is currently in safety testing. The plan is to develop the small molecule, which in pre-clinical work, blocked immune cells from entering inflamed tissue in autoimmune diseases such as rheumatoid arthritis and psoriasis. Upsher-Smith said that it plans to license the compound to a partner after successful completion of Phase II testing next year. The second compound, dubbed PRX00933 (BVT.933, GW876167), which was obtained by Swedish Biovitrum, targets the Serotonin (5-HT2C) receptor and has already completed Phase II testing as an diabetes and obesity treatment.
On top of this, the acquisition provides the US firm with a pipeline of four CNS projects. The compounds may complement a late-stage project of the US firm in epilepsy.
28.01.2015 EMA recommends suspending around 750 generic medicines marketed throughout the world after India’s GVK Biosciences is accused of faking bioequivalence studies. Meds considered critically important for patients will remain available.
20.01.2015 Ebola research projects are set to receive €215m in funding from the European Commission’s IMI2 Ebola+ programme. Among the project partners are vaccine developers Glaxosmithkline, Johnson&Johnson and Merck.
13.01.2015 Shire beefs up its rare disease portfolio after acquiring NPS Pharma with the aim of becoming a leading biotech in a US$5.2bn deal. Part of the deal is the US biotech's lead portfolio of gastrointestinal and hormone replacement therapies.
09.01.2015 The excitement surrounding CRISPR genome editing shows no sign of abating. This month, Novartis and US biotech Intellia Therapeutics became the first ever biotech-pharma collaboration to use the groundbreaking technology.