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news.Biotie Therapies, a drug development company focusing on dependence disorders, inflammatory diseases and thrombosis, has entered into an agreement to acquire the German pharmaceutical company elbion.
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The combination of the two businesses will take place by a share exchange and create a European company in the field of discovery and development of therapeutics for central nervous system and inflammatory diseases. elbion will become a wholly-owned subsidiary of Biotie.
After the merger, Biotie will have a broad range of innovative drug candidates at different stages of clinical and preclinical development. Of the new additions to the pipeline, ELB353 is an orally available selective anti-inflammatory drug which has already completed Phase I clinical testing.
In addition, Biotie gains access to a drug discovery platform focused on central nervous system and inflammatory diseases. Combined with Biotie’s existing clinical stage development projects, including Nalmefene, which is in Phase III clinical development for alcohol addiction, and Biotie’s VAP-1 fully human monoclonal antibody drug for the treatment of inflammatory diseases, the combined product pipeline represents a compelling range of new drugs for diseases with high unmet medical need.
Existing elbion NV investors Burrill & Company, TVM Capital, and AGF Private Equity have committed to invest into Biotie concomitantly with the transaction. The transaction is subject to shareholder approval of both companies and is expected to close on November 14, 2008.