Planet Technologies plans to acquire Antigen Laboratories for $10 million, as long as it is able to procure the required financing. Planet estimates it will need an additional $10 million for transaction-related professional fees, paying off of debts, purchasing a building, and funding clinical trials, as well as other expenses related to the regulatory approval process.
“The acquisition of Antigen's allergenic extract immunotherapy business complements our existing allergen avoidance business,” points out Planet's CEO and president, Ed Steube.
Planet believes that Antigen will benefit from its existing wholly-owned subsidiary, Allergy Control Products, through cross merchandising between each company's physician relationships.
Upon completion of the acquisition, Planet intends to commence a sublingual immunotherapy (SLIT) clinical development program. Currently Antigen's allergenic extracts for immunotherapy are administered by subcutaneous injections. Planet expects that an FDA-approved SLIT product will expand the U.S. market.