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May 10, 2007

Peptech and EvoGenix Announce Merger

    By Christopher P. Singer --

Evogenix On May 7, 2007, Australian biotech companies EvoGenix Ltd. and Peptech Ltd. announced that they are planning a merger that would form one of Australia's largest biotechnology companies.  The new company, yet to be named, would continue to focus on antibody technology and protein therapeutics, in particular in the areas of inflammatory diseases, bone diseases, and cancer.  The newly formed company will be led by Peptech's CEO, Dr. John Chiplin, while the board will be comprised of directors from each company.  EvoGenix's CEO, Dr. Merilyn Sleigh, will take on a senior advisory role.

Peptech_logo The new company will have a good cash position resulting from revenue it receives from Abbott Laboratories and Johnson & Johnson for anti-TNF antibody-based drugs Humira® and Remicade®, and revenue from Peptech's sale of its stake in the U.K. company Domantis Ltd. earlier this year, worth $130 million.  Peptech also plans to move its own "next generation" anti-TNF drug into the clinic later this month.

The transaction (as planned) involves Peptech acquiring all of the issued shares of EvoGenix which is expected to value EvoGenix at about $156 million.  Additional details regarding the transaction can be found here .

Posted at 10:44 PM in Licensing |

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