Alchemia, Meditech to merge

Australia-based Alchemia has offered $16.9 million for Meditech Research. The companies will merge by way of an off-market takeover bid by Alchemia for Meditech. Meditech currently has a compound targeting metastatic colorectal cancer in Phase II trials in Australia and two other anti-cancer drugs that have completed Phase I trials, but the company doesn't have the funds to make it through the remainder of the clinical process. Alchemia will benefit from these early-stage drugs. "It really gives us a very balanced pipeline and reduces the risk for investors," noted CEO Alchemia Tracie Ramsdale.

- see this press release
- read this article from The Age