Cellpep SA, Procyon deal
PBP plans to acquire Cellpep for 120 million shares, which values the French company at C$44.4 million (US$38.3 million) based on PBP's close of C$0.37 on Jan. 18. The combined company will change its name to Ambrilia and trade on the Toronto Stock Exchange under the symbol AMB. PCP said the deal, which is expected to close on Feb. 24, will give it generics, including two in Phase III testing, that should enable the company to reach profitability within the next two years. PCP expects to launch Cellpep's lead product, octreotide for acromegaly, in Europe in the second half of 2007 and in the U.S. in the first half of 2008. PCP expects to launch goserelin for prostate cancer in Europe in the second half of 2008. Novartis AG (NVS, SWX:NOVN, Basel, Switzerland) markets Sandostatin octreotide, while AstraZeneca plc (LSE:AZN; AZN, London, U.K.) markets Zoladex goserelin. ...