BioAlliance forms JV with Spepharm BV

BioAlliance Pharma SA, a French drugmaker focused on therapeutics targeting drug resistance in cancer, HIV and opportunistic infections, is joining forces with Spepharm BV, a Dutch specialty European drug marketing company, in a 50/50 marketing joint venture.

The JV will be based in the Netherlands and is being formed to commercialize the anti-fungal Loramyc (miconazole lauriad), BioAlliance's first product to reach the market. It was approved for oropharyngeal candidiasis in France last year (Marketletter October 23, 2006), which is the first step of the mutual recognition procedure for clearance in other European Union countries.

Under the terms of the JV agreement, BioAlliance will receive up to 29.5 million euros ($38.7 million) from Spepharm. Firstly, there will be a 5.0 million-euro investment in equity at a trading average of 12.79 euros per share. The equity investment component is subject to shareholders' approval at BioAlliance's next annual general meeting, which is scheduled on April 24.