Pharmaxis to Acquire Topigen Pharmaceuticals Inc.
MONTREAL--(Marketwire - 01/12/10) - TOPIGEN Pharmaceuticals Inc., a Canadian-based clinical-stage biopharmaceutical company focused on innovative respiratory therapeutics, announced today that it has signed an agreement to be acquired by Pharmaxis Ltd. (ASX:PXS - News), a publicly-traded Australian specialty pharmaceutical company involved in the research, development and commercialization of therapeutic products for chronic respiratory and immune disorders.
The all-stock transaction includes the issuance of 3.2 million shares of Pharmaxis stock on closing with an additional 5.0 million shares to be issued subject to the achievement of milestones specified in the purchase agreement. The transaction is expected to close within the next 60 days.
"Pharmaxis has the resources, expertise and track record of success in bringing important new therapies through development to treat respiratory disorders and is therefore a valuable fit for Topigen's assets," stated Mark Parry-Billings, CEO of Topigen. "This transaction provides a promising future for our novel programs to treat asthma and COPD, the potential to realize a return for our shareholders, and in the long-term, promise for patients."
Gary Lessing, Chairman of Topigen's Board, said: "The larger business infrastructure and late stage pipeline of Pharmaxis, combined with the innovation and attractive target product profiles of Topigen's emerging drug candidates makes a compelling combined entity. The transaction represents a very logical strategic exit for our investor base and provides a solid platform to leverage further value."
About TOPIGEN
TOPIGEN Pharmaceuticals is a private biopharmaceutical company, focused on the discovery and the development of novel therapeutics for the treatment of respiratory disorders including asthma and COPD. TOPIGEN is developing a clinical pipeline of innovative therapeutics based on its proprietary unique, multi-targeted oligonucleotide technology. The lead drug candidate, TPI ASM8, is in Phase 2 clinical development for the management of moderate to severe asthma. A second drug candidate, TPI 1100, is in preclinical development for COPD.