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A step on the road

In a move to cut costs while retaining most of their pipelines, cash-starved U.K. cancer plays Xenova Group plc and KS Biomedix Holdings plc agreed to a deal in which Xenova will acquire KS in a stock for stock transaction. The combined company will have eight oncology products and a further two each in addiction and immunology in clinical trials, but will have to raise money within the next 12-15 months.

Xenova (LSE:XEN; XNVA, Slough, U.K.) will buy KS (LSE:KSB, Guildford, U.K.) for £8.5 million ($13.6 million), based on XEN's closing

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