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news.Transition Therapeutics has agreed to acquire US biopharmaceutical company NeuroMedix, in order to gain control of its CNS portfolio.
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Under the offer, valued at $11.1 million, NeuroMedix common shareholders can receive one common share of Transition for every 5.1429 NeuroMedix common shares tendered. The company's directors, officers and certain large shareholders who collectively own or control 59% of NeuroMedix shares have already agreed to sell their shares.
NeuroMedix is developing a series of compounds that have been shown to improve cognitive function in degenerative and injury related animal models. NeuroMedix's lead compound Minozac has been shown to prevent neuronal dysfunction in animal models of Alzheimer's disease and traumatic brain injury and is expected to enter phase I trials in 2007.
“The addition of the NeuroMedix product portfolio, particularly Minozac, continues our overall strategy of building a strong franchise of potential disease-modifying CNS drugs,” said Tony Cruz, chairman and CEO of Transition.