Telix Pharmaceuticals (ASX: TLX) completes the acquisition of French biotechnology company Atlab Pharma for USD$10 million in shares. Biopharmaceutical company Telix address unmet medical need in prostate, rental and brain cancer by developing a portfolio of clinical-stage oncology products while France-based Atlab Pharma is a developer of antibody-targeted anti-cancer drugs.
With this takeover, Telix would acquire the Atlab’s rights to an extensive clinical data set in nearly 200 patients that provides intensive information to the development of TLX591, anti-PSMA radiopharmaceutical. It would also bring in the rights and materials necessary to develop the most widely clinically-advanced anti-PSMA antibody, huJ591.
Melbourne-based acquirer renegotiated the deal for Atlab’s material background intellectual property licenses, especially with BZL Biologics LLC as BZL holds a portfolio of patents originating from Professor Neil Bander’s laboratory. These patents will support the combinational use of anti-PSMA therapeutics with anti-androgen drugs, thus fostering the expansion of TLX591 program.
In the settlement of purchase consideration Telix will issue its shares to Atlab and BZL shareholders at 0.89 per share for USD$9 million and USD$500,000, respectively. For remaining consideration of USD$500,000, Telix will issue warrants over its shares to BZL, at an exercise price of $1.34 per share with an expiry after four years from grant.
Telix Pharmaceuticals’ share price edged up by 0.606% to $0.803 on 14 September 2018 (12:27 PM AEST). Over the last six months, the stock has seen a performance change of +65%.
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