Allelix BioPharma Acquires Neurosciences Firm Trophix
Canadian biopharmaceutical company Allelix has moved closer to its goalof becoming a world leader in the field of neuroscience drug development with its acquisition of the New Jersey, USA-based firm Trophix Pharmaceuticals.
Allelix will exchange 2.5 million of its common shares plus $3 million in cash for full control of Trophix, which will operate as Allelix Neuroscience. The deal is valued at $23 million. The acquisition increases neuroscience staff by 50%, bringing the total to 90. It accelerates Allelix' product development and adds three new products to the portfolio.
The most advanced of the new products is GRI-1, a brain-selective glycine transporter for treating schizophrenia and dementia. The product is expected to enter Phase I clinical testing before the end of the year.
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