Commonwealth Biotechnologies, PharmAust Ltd., Venturepharm Laboratories Ltd. deal
Venturepharm agreed to purchase PharmAust's 39% stake in Commonwealth for US$3.1 million, and Venturepharm and Commonwealth formed a JV CRO called Venturepharm Asia. Commonwealth will provide early stage drug discovery, business development, marketing and quality assurance services to the JV, and Venturepharm will provide contract manufacturing and clinical trial services. PharmAust received its stake in Commonwealth when Commonwealth purchased PharmAust's Mimotopes Pty. Ltd. subsidiary last year (see BioCentury, Feb. 19, 2007).
Separately, Commonwealth's Exelgen Ltd. subsidiary (formerly Tripos Discovery Research Ltd.) announced drug discovery partnerships with two undisclosed pharmaceutical companies. Exelgen and a European partner will discover and develop small molecules for CNS indications, Alzheimer's disease (AD), neuroinflammation and Type II diabetes. The partner will receive an option to license compounds. Exelgen will receive an undisclosed upfront payment and research funding and is eligible for $25 million in milestones, plus royalties. ...