In March 2006, Pharming announced a heads of agreement with DNage to acquire all shares of the biopharmaceutical company. However, during the acquisition process, the Works Council of Pharming appealed the decision to acquire DNage.
The Enterprise Section has now rejected the appeal of the Works Council regarding the proposed acquisition. The decision allows Pharming and DNage to proceed with the acquisition, which will now be finalized as originally planned.
Pharming said that it expects the legal agreements and other formalities necessary for the acquisition to be completed in the near future.
The Netherlands-based biotech firm believes the combination of the two companies will generate important synergies, providing Pharming with access to highly innovative products and a technology platform for new markets in the areas of ageing, cancer and tissue repair.
Pharming also expects the acquisition to trigger additional business development opportunities, including new partnerships, grants and subsidies.