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news.Alchemia, an Australian biotechnology company, is planning to establish a new wholly-owned oncology business, Alchemia Oncology, in order to develop a new chemotherapy drug delivery technology.
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The technology, HyACT, is said to improve the delivery of chemotherapy drugs to site of tumours, including HA-irinotecan, which combines with Pfizer’s Camptosar for the treatment of colon cancer, lifescientist.com.au reported.
Following the split, Alchemia will have its existing business manufacturing and distributing generic fondaparinux, generic version of Arixtra, marketed by GlaxoSmithKline.
The oncology assets of Alchemia will be taken up by the new company.
Alchemia CEO Pete Smith said the company would manage more efficiently the risks of each of its arms as a result of the split.
"We believe that these changes will provide a clear choice for investors as we recognise that the risk/return profile of each of these businesses is markedly different," Smith added.