Pharmaxis to acquire Topigen

Pharmaxis Ltd. (ASX:PXS) will acquire Topigen Pharmaceuticals Inc. (Montreal, Quebec) in a stock deal valued at A$8.6 million ($8 million) up front and A$13.5 million ($12.6 million) in potential milestones, based on Pharmaxis' close of A$2.70 on Monday, before the deal was announced. Topigen shareholders will receive 3.2 million Pharmaxis shares and are eligible for an additional 5 million shares in milestones.

Pharmaxis will gain TPI ASM8, an inhaled anti-inflammatory in Phase II testing to treat asthma. Pharmaxis said the acquisition will expand its respiratory portfolio, which includes marketed Aridol mannitol powder inhalation test for the diagnosis and management of asthma. The deal is expected to close within 60 days. ...