TopoTarget acquires Apoxis SA and plans to raise capital through new shares

TopoTarget A/S announces that it has entered into a conditional share purchase agreement for the acquisition of the private Swiss biotech company Apoxis SA, and plans to raise new capital through an offer of new shares. The acquisition will add two first-in-class oncology product candidates in Phase I and Phase II clinical development and enhances TopoTarget’s protein drug research and development capabilities.

TopoTarget acquires Apoxis for an initial consideration of EUR 14.5 million, payable in newly issued TopoTarget shares, with potential additional payments, in cash or newly issued TopoTarget shares. The rationale for the acquisition is to further increase TopoTarget’s strength in the cancer field. The acquisition will add two first-in-class oncology products in Phase I and II clinical development, and the MegaLigand™ protein research technology platform, to TopoTarget’s R&D pipeline.

- The acquisition of Apoxis adds two promising product candidates to our pipeline. The Apoxis product candidates work in our models, are perfectly suited to our pipeline, and I believe we can add considerable value to the product candidates through our development competences, Peter Buhl Jensen, CEO of TopoTarget said.

The acquisition of Apoxis is expected to result in an increase in the earlier guided loss before tax for 2007. TopoTarget will seek additional capital to fund the consolidated operations of TopoTarget and Apoxis until the end of 2009 through an offer of new TopoTarget shares. The acquisition is conditional, inter alia, upon the completion of the offer of new TopoTarget shares.

Source: Press release TopoTarget 11.04.2007.

Read more at the TopoTarget homepage.