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Oct 30, 2009

Proximagen Takes Over Biovitrum’s Drug Discovery Subsidiary and Certain CNS Candidates

  • Proximagen Neuroscience is to acquire Biovitrum’s wholly owned drug discovery subsidiary, Cambridge Biotechnology (CBT), together with a number of Biovitrum’s drug development programs. These include the company’s clinical-stage 5-HT2c agonist and cognitive 5-HT6 central nervous system programs along with its preclinical VAP-1 and TrkA compounds.

    CBT was spun out of Biovitrum in January and had unaudited net assets of £109,000, or about $179,908, as of the end of September. Proximagen is acquiring CBT on a cash-free/debt-free basis and will pay Biovitrum a percentage of future revenues from the acquired assets. The company claims this deal structure means risks are minimized as it will only need to make payments when the drugs generate earnings.

    Proximagen also maintains the acquisition is in line with its strategy to acquire later-stage drug candidates. To this end, the firm completed a £50 million (roughly $82.53 million) fundraising in June.

     



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