BioCentury
ARTICLE | Company News

Telesta, Prometic deal

September 5, 2016 7:00 AM UTC

ProMetic will acquire Telesta for C$0.14 per share, payable in ProMetic shares. The deal values Telesta at C$42.4 million ($32.8 million) based on 302.5 million shares outstanding on May 9. The price represents a 100% premium to Telesta’s close of C$0.07 on Aug. 23, the day before the deal was announced. The deal is slated to close in early November.

In early August, Telesta said it had reduced headcount to 15 and terminated a deal granting Ipsen Group (Euronext:IPN, Boulogne-Billancourt, France) rights to lead compound MCNA. The company had 50 employees on March 31. FDA issued a complete response letter for the mycobacterial cell wall-DNA complex (MCC) in February, asking for an additional Phase III trial. MCNA was under review to treat high-risk non-muscle invasive bladder cancer in patients who have failed first-line treatment with bacille Calmette-Guerin (BCG) therapy. ...