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news.New York-based biotech firm OSI Pharmaceuticals has completed a stock-for-stock exchange to acquire all minority interest shares of its majority-owned UK-based diabetes and obesity subsidiary, Prosidion Limited.
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A total of 84,940 new shares of OSI Pharmaceuticals were issued in exchange for the 286,200 minority interest shares of Prosidion, which represents 2.7% of Prosidion shares. The issued OSI Pharmaceuticals shares represented an approximately 0.17% dilution of total OSI Pharmaceuticals shares outstanding.
OSI Pharmaceuticals will continue to operate its diabetes and obesity effort in its Oxford, UK facility as (OSI) Prosidion. Dr Anker Lundemose, the CEO of Prosidion Limited, has been appointed executive vice president and president of (OSI) Prosidion and will join OSI’s executive management committee.
“The transaction is a vote of confidence in our rapidly evolving diabetes and obesity programs and represents a firm commitment by the OSI board and management team to maximizing the value we believe to be inherent in these R&D programs,” stated Dr Colin Goddard, CEO of OSI Pharmaceuticals.
Prosidion Limited was formed in January 2003 and has, through internal R&D and an aggressive licensing and acquisition program, assembled a promising pipeline of diabetes and obesity product candidates. The most advanced of these is PSN9301, a dipeptidyl peptidase IV (DP-IV) inhibitor which was acquired, along with an associated intellectual property estate, from Probiodrug AG in June 2004.