TopoTarget acquiring Apoxis, adding two new oncology drugs

Acquisition

Danish cancer drug specialist TopoTarget is acquiring a Swiss counterpart Apoxis SA, adding two first-in-class oncology products in phase I and phase II clinical development and enhancing TopoTarget’s protein drug research and development capabilities.

TopoTarget will acquire Apoxis for €14.5 million in shares, with potential additional payments, in cash or shares, on product milestones. The acquisition extends the time until Copenhagen-based TopoTarget reaches profitability, which was forecast to be this year.

As a result TopoTarget is raising more money in a placing to capital to fund the consolidated operations of TopoTarget and Apoxis until the end of 2009.

Peter Buhl Jensen, CEO of TopoTarget said, “The acquisition of Apoxis adds two promising product candidates to our pipeline. One of TopoTarget’s key strengths is being able to identify, through our models and past experience, promising drugs which we can then drive through our strong development structure.

“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.”