Access Pharmaceuticals reported plans to acquire Somanta Pharmaceuticals. "The proposed acquisition of Somanta is very exciting for Access from a number of perspectives," states Stephen R. Seiler, Access' president and CEO. "Somanta comes with four very interesting anticancer compounds, one of which is already in Phase II clinical trials. Each compound acts by a novel mode of action, and one represents a novel platform technology.
“As a result,” Seiler summarizes, “the combined Access and Somanta will have a broad cancer-focused portfolio, which will include one approved product, two drug candidates in Phase II trials, and three novel and exciting preclinical products. Our goal has always been to make Access a leader in the oncology space and this acquisition fills out our product pipeline extremely well."
Somanta's Phase II product, sodium phenylbutyrate (PB), is being evaluated for recurrent glioblastoma and prostate cancer.
Upon completion of the transaction, Somanta's shareholders will receive an average of 1.5 million shares of Access common shares. This will represent approximately 13% of the combined company.
The acquisition is expected to close in the second quarter.