Abraxis pays initial $15M for Shimoda
Abraxis BioScience, a fully-integrated US biotechnology company, has completed the acquisition of Shimoda Biotech and its subsidiary Platco Technologies located in Plettenberg Bay, South Africa.
Shimoda focuses on the development of new pharmaceutical products by combining successful off-patent molecules with a novel cyclodextrin drug-delivery platform, seeking to exploit the faster onset and improved bioavailability characteristics of that platform. Platco's interests lie in the development of novel platinum-based anti-cancer drugs.
Under the terms of the agreement, Abraxis has acquired 100% of the equity of both Shimoda and Platco for an initial upfront payment at closing of $15.0 million, plus potential additional payments upon the achievement of specified milestones.
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