SuperGen Completes Acquisition of Astex Therapeutics
20 Juli 2011 - 6:30PM
Business Wire
SuperGen, Inc. (NASDAQ:SUPG), a pharmaceutical company dedicated
to the discovery and development of novel cancer therapies,
announced it has closed the transaction to acquire Astex
Therapeutics Limited (“Astex”), a privately held, UK-based
biotechnology company developing targeted therapies.
Today, Astex Therapeutics Limited became a wholly owned
subsidiary of SuperGen, Inc. SuperGen purchased all outstanding
shares of Astex for approximately $25 million in cash and 32.4
million shares of SuperGen common stock representing 35 percent of
the total post closing shares outstanding. In addition, SuperGen
will pay deferred consideration in the amount of $30 million in
either stock or cash, at the discretion of the combined entity,
over a period of 30 months. SuperGen has assumed all currently
outstanding stock options of Astex.
“SuperGen is extremely pleased to close the transaction to
acquire Astex Therapeutics Limited,” said James S. J. Manuso,
chairman and chief executive officer of SuperGen. “The resulting
company is expected to be a significant force in oncology drug
discovery and development, with a robust pipeline, expected
potential future milestone-based revenues of up to $2 billion, plus
royalties on approved products, and top-tier partnerships with
GlaxoSmithKline, Eisai, Johnson & Johnson, Novartis, and
AstraZeneca.”
In the third quarter of 2011, SuperGen intends to change its
name to Astex Pharmaceuticals, Inc., and expects to be listed on
NASDAQ under the symbol ASTX.
Management expects that Astex Pharmaceuticals, Inc. will become
recognized as a global leader in innovative oncology drug
discovery, development and commercialization, with estimated cash
and cash equivalents of more than $120 million post deal closure.
The company plans to leverage its royalty revenue stream from
Dacogen® (decitabine) for Injection, marketed in North America by
Eisai and in the rest of the world by Cilag GmbH International. The
combined company's clinical pipeline includes seven drugs in
development, four of which are currently in or entering into Phase
II clinical trials and three of which are currently partnered with
large pharmaceutical companies.
Further information about this transaction is available at
http://www.astex-supergen.com, or in the investor relations section
of the SuperGen website at http://www.supergen.com. SuperGen plans
to provide further information, including revised financial
guidance, in its upcoming conference call for the 2011 second
quarter.
About SuperGen
SuperGen is a pharmaceutical company dedicated to the discovery
and development of novel cancer therapeutics in epigenetic and cell
signaling modulation. The Company develops products through
biochemical and clinical proof of concept to partner for further
development and commercialization. SuperGen developed Dacogen and
receives significant royalties on global sales.
For more information about SuperGen, please visit
http://www.supergen.com.
Note on Forward-Looking Statements
This press release contains certain forward-looking statements
within the meaning of Section 27A of the Securities Act of
1933 and Section 21E of the Securities Exchange Act of 1934,
including but not limited to, statements regarding the combined
entity’s ability to successfully integrate the development,
research and financial operations of two organizations in two
overseas locations, be a significant force in oncology drug
development with a robust pipeline, meet cash projections, meet
drug development milestones relating to up to $2 billion in
potential revenues, have successful research and development
capabilities, maintain strong partnerships with large
pharmaceutical companies, and maintain revenue streams from
Dacogen. These forward-looking statements involve certain
risks and uncertainties that could cause actual results to differ
materially from those indicated in such forward-looking statements,
including, but not limited to, the ability of the parties to
successfully integrate Astex Therapeutics Ltd., our ability to
successfully change our name and list shares under a new ticker
symbol, our expectations about being a global leader in biotech,
and such other risks as identified in the Company’s Annual Report
on Form 10-K for the fiscal year ended December 31, 2010,
the Company’s most recent Quarterly Reports on Form 10-Q, and
the Company’s Proxy Statement filed on May 2, 2011, each as filed
with the SEC, which contain and identify important factors that
could cause the actual results to differ materially from those
contained in the forward-looking statements. The Company assumes no
obligation to update any forward-looking statement contained in
this press release.
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