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news.EvoGenix shareholders have voted in favor of a proposed merger with Peptech, which the companies say will form "one of the strongest biotechnology companies in Australia".
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Peptech will acquire 100% of the issued shares in EvoGenix for A$0.15 cash and 0.5055 Peptech shares for each EvoGenix share held.
The merged entity, to be renamed, will focus on developing antibody/protein-based products for the treatment of inflammatory diseases, bone disease and cancer.
Peptech’s lead antibody derivative, PN0621, entered Phase I human clinical trials in May this year, with a further two products from the EvoGenix pipeline expected to be ready for clinical development next year.
The merged company will have in excess of A$167 million in cash to advance product development and will receive on-going revenue streams from Abbott and Johnson & Johnson in relation to anti-inflammatory antibody drugs Humira and Remicade.
Dr John Chiplin will be the CEO of the merged company, while a restructured board will oversee the next stage of its development. Two EvoGenix directors – the current chairman, Chris Harris, and non-executive director, Robin Beaumont – will replace two current Peptech directors. Current Peptech chairman, Mel Bridges, will retire from the board following the recruitment of a new non-executive chairman.
The management and scientific staff of EvoGenix will continue with the company, while Dr Merilyn Sleigh, CEO of EvoGenix, will be retained in a senior advisory role.
EvoGenix chairman, Chris Harris, commented: “I believe I speak for all of the EvoGenix board and management in saying that we will be 100% behind the merged company in building what we believe will be one of Australia’s biotechnology flagships of the future.”