Advertise With UsAdvertise on our extensive network of industry websites and newsletters.
Get the PBR newsletterSign up to our free email to get all the latest PBR
news.SuperGen, a pharmaceutical company dedicated to the discovery and development of novel cancer therapeutics in epigenetic and cell signaling modulation, and UK based biotechnology company Astex Therapeutics have signed a definitive merger agreement.
Subscribe to our email newsletter
Following the merger, the combined entity will be known as Astex Pharmaceuticals and will focus on oncology drug discovery, development and commercialization.
Pursuant to the terms of the agreement, SuperGen intends to purchase Astex Therapeutics Limited, paying Astex shareholders $25m in cash, plus shares in SuperGen common stock representing 35% of the total post closing shares outstanding.
SuperGen chairman, president and CEO James Manuso said they believe the combination of SuperGen and Astex accelerates SuperGen’s business model and brings together the people, partnerships, clinical assets, discovery platforms, infrastructures and capital resources to generate significant shareholder value in the years ahead.
Completion of the transaction will be subject to approval by the shareholders of each company, customary closing conditions, and US and UK regulatory review and clearance.