TopoTarget is buying out Apoxis to enhance its cancer focus. The share purchase transaction is valued at Euro 14.5 million, or $19.48, plus milestone-based payments of over Euro 10 million.
The acquisition will add two first-in-class oncology product candidates in Phase I and Phase II development as well as a protein research technology platform, MegaLigand.
APO866 is being evaluated in two Phase II studies in advanced melanoma and cutaneous T-cell lymphoma (CTCL) and one Phase I/II trial in refractory B-chronic lymphocytic leukaemia (B-CLL) not amenable to hematopoietic stem cell transplantation. APO866 is a specific inhibitor of nicotinamide phosphoribosyl transferase (NMPRT). APO010 is a recombinant protein, which was generated on MegaLigand, in a Phase I trial. It comprises the human Fas ligand protein and targets Fas receptors on cancer cells to induce cell death via apoptosis.
TopoTarget reports that the contemplated acquisition of Apoxis will increase the expected loss before tax for the full year 2007. The company reports that the transaction should close before June 30, 2007.