Access to acquire Somanta

Access Pharamaceuticals has signed a letter of intent to acquire fellow USA-based drugmaker Somanta Pharmaceuticals. Access said that the transaction will include the transfer of four novel anticancer compounds that the Californian firm is currently assessing in Phase II trials. When the deal is completed, Somanta's preferred and common shareholders will receive an aggregate of 1.5 million of the Texan company's common shares, which would represent approximately 13% of the combined group. Further financial details of the acquisition, which is expected to close in the second quarter, were not disclosed.