Arakis, Sosei Co. Ltd. deal
Sosei will acquire Arakis for £106.5 million ($186.6 million), including £11.7 million in cash and 35,630 shares of Sosei. The deal is expected to close on Aug. 30. Arakis' lead compound is AD 237, an inhaled muscarinic receptor antagonist that is in Phase II testing for chronic obstructive pulmonary disease (COPD). The compound uses PowderHale inhalation technology from Vectura (LSE:VEC, Chippenham, U.K.) and is partnered with Novartis (NVS; SWX:NOVN, Basel, Switzerland). Arakis also has AD 923, which is due to begin Phase III trials for breakthrough cancer pain this year; AD 452, which is due to begin Phase IIb trials for rheumatoid arthritis (RA) this quarter; and AD 337, which is in Phase I trials for fibromyalgia. Arakis has about £30 million in cash. Shinichi Tamura will remain CEO of Sosei. Arakis CEO Ken Cunningham and CFO Peter Keen will leave the company. ...