Protherics to acquire Enact

Immunotherapeutic company Protherics (LSE:PTI) will acquire Enact Pharma (OFEX:Enact) for about L7.9 million ($12.6 million). PTI will pay L17.05 ($27.10) of PTI convertible loan notes and other considerations for every 100 Enact shares. PTI had L6.2 million ($9.8 million) in cash as of Sept. 30, 2002, and Enact has debt of about L1 million ($1.6 million).

PTI will gain Enact's Voraxaze, which is a rescue therapy for methotrexate toxicity, and expects to launch Voraxaze in late 2004 in the EU and in 2005 in the U.S. Voraxaze, which has completed its registration trials, is used on a compassionate basis in the U.S. PTI has two marketed products in the U.S. -- CroFab rattlesnake antivenom and DigiFab to treat digoxin toxicity. PTI's ViperaTAb is sold in Scandinavia to treat adder bites. WestLB is advising PTI, and Evolution Beeson Gregory is advising Enact. ...