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news.Cephalon has signed a definitive merger agreement to acquire all of the outstanding capital stock of Gemin X Pharmaceuticals for $225m.
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Gemin X Pharma stockholders could also receive up to $300m in cash payments upon the achievement of certain regulatory and sales milestones.
Gemin X Pharma is a privately-held biopharmaceutical company developing first-in-class cancer therapeutics.
The company currently has several clinical development programs underway, including Phase 2 clinical trials for its lead product candidates obatoclax (GX15-070), an innovative pan Bcl-2 inhibitor, and teglarinad (GMX1777), a novel inhibitor of NAD+ synthesis.
It also has a preclinical telomere capping program.
Gemin X Pharma chairman and CEO Peter Dolan said the management team of Gemin X, as well as investors, believes that Cephalon has the history of innovation and the proven expertise to continue the advancement of obatoclax and realize the potential of full pipeline of targeted cancer therapies.
Cephalon CEO Kevin Buchi said he is particularly excited about Gemin X’s lead compound, obatoclax, which if successful has the potential to significantly benefit patients suffering from small cell lung cancer.
The merger is expected to close in the second quarter of 2011, after which Gemin X Pharma will become a wholly-owned subsidiary of Cephalon.