Judith Greciet CEO Onxeo : "It's really in our core strategy".
Acquisition DNA Therapeutics
Onxeo Just Announced Acquisition of DNA Therapeutics and Provides Update on Portfolio.
« Onxeo S.A. (Euronext Paris, NASDAQ Copenhagen: ONXEO), an innovative company specializing in the development of orphan oncology therapeutics, today announced that it has reached an agreement to acquire DNA Therapeutics, a privately-held, clinical-stage biopharmaceutical company, for its signal-interfering DNA (siDNA) repair technology, which is directed at overcoming cancer resistance mechanisms, and includes lead product candidate DT01. The acquisition, which is subject to customary closing conditions, is expected to close by The acquisition of DNA Therapeutics continues to demonstrate Onxeo’s commitment to developing novel orphan oncology drugs that position the Company at the forefront of scientific research for rare cancers with high, unmet medical needs, and have the potential to generate significant value for the Company and its stakeholders by opening other indications and markets. Under the terms of the agreement, Onxeo is acquiring DNA Therapeutics for an upfront payment of €1.7 million in common shares at deal closing. Additional payment will come in the form of milestones including €1 million in cash or in ONXEO shares, at ONXEO’s sole discretion, upon successful initiation of a Phase II trial in a selected indication as well as royalty payments on future commercial sales, up to €25 million per indication developed and approved. »
I talk with Judith Greciet CEO Onxeo about this acquisition, impact on strategy and newsflow for 2016.