Pharmexa, a biotechnology company, and Affitech AS, a human therapeutic antibody discovery and engineering company, have entered into a conditional agreement to merge the two companies by means of a share for share acquisition by Pharmexa of the private Norwegian company, Affitech AS.
The purpose of the merger is to transform Pharmexa from a cancer and infectious disease vaccine business into a company focused on the R&D of human antibody therapeutic drugs. The combined company will focus its activities entirely in the field of human antibody therapeutics.
Under the terms of the merger agreement, Pharmexa will offer to acquire 100% of the outstanding and issued share capital of Affitech AS in exchange for newly issued shares in Pharmexa. On completion of the transaction, Affitech AS shareholders will own approximately 70% and Pharmexa shareholders 30% of the merged company.
The combined company will be renamed Affitech A/S and it is the aim to continue the company’s listing on the Nasdaq OMX exchange in Copenhagen. The existing Affitech drug discovery business in Oslo will be renamed Affitech Research AS.
Achim Kaufhold, CEO of Pharmexa, said: The acquisition of Affitech builds on the expertise and capabilities of Pharmexa, but is also a transformational event that moves us into the exciting field of antibody therapeutics, one of the most attractive sectors of the biopharmaceutical industry.