Topigen, NicOx, Pharmaxis deal
Pharmaxis will acquire Topigen in a stock deal valued at A$8.6 million (US$8 million) up front and A$13.5 million (US$12.6 million) in potential milestones, based on Pharmaxis' close of A$2.70 on Jan. 11, 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, which is in Phase II testing to treat moderate to severe asthma with data expected this half. TPI ASM8 is a dual modified phosphorothioate antisense oligonucleotides that down-regulate the expression of CC chemokine receptor 3 ( CCR3; CD193) and the common beta chains of the receptors for IL-3, IL-5 and granulocyte macrophage colony-stimulating factor (GM-CSF). The deal is expected to close within 60 days of Jan. 12. Pharmaxis said the deal will expand its respiratory drug development portfolio, which includes Aridol mannitol powder inhalation test for the diagnosis and management of asthma. Aridol already is marketed in Australia and nine European countries. ...