Italy's Cosmo to snap up BioXell in $41M deal

Faced with the fallout from a failed trial of its lead therapy, BioXell is following a familiar path taken by a lineup of European developers, agreeing to a buyout offer and joining forces with a stronger player. Italy's Cosmo Pharmaceuticals has struck a deal to buy BioXell for $41 million in cash, shares and options.

For a reasonable price Cosmo gets an early-stage antibody pain program and some cash reserves. Analysts note that the acquisition is patterned after a string of similar deals, including the tie-up between Evolva SA and Arpida and GPC Biotech's merger with Agennix. Trouble with a drug program these days can lead quickly to the deal table.

"Following disappointing phase IIb results with the company's lead compound Elocalcitol earlier this year, we conducted a comprehensive and careful review of all available strategic options," said Chairman Thomas Szucs in a statement. "We have concluded that the best available option for shareholders is for Bioxell to be acquired by Cosmo according to the proposed terms."

- here's the BioXell press release
- and check out the story from Bloomberg

Suggested Articles

Half of patients in an early trial of Allogene's off-the-shelf CAR-T cells for lymphoma who received a higher dose of its antibody ALLO-647 responded.

Takeda is tossing out a Shire pipeline med after it couldn't find a buyer.

Ipsen's new hire arrives at a company reeling from a torrent six months that have crushed hopes for its $1 billion bet on a rare disease drug.