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SuperGen completes acquisition of Astex Therapeutics

Dublin, California
Saturday, July 23, 2011, 15:00 Hrs  [IST]

SuperGen, Inc. 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.

SuperGen is a pharmaceutical company dedicated to the discovery and development of novel cancer therapeutics in epigenetic and cell signaling modulation. It develops products through biochemical and clinical proof of concept to partner for further development and commercialization.

 

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