Biomira to acquire ProlX

Canada's Biomira has acquired ProlX Pharmaceuticals, a privately-held US biopharmaceutical cancer specialist, with sites in Tucson, Arizona, and Houston, Texas. ProlX is developing small-molecule drugs that inhibit redox and cell-survival signaling proteins and the acquisition will give Biomira a broadly-based portfolio of oncology products, including one product candidate, the BLP25 liposome vaccine Stimuvax, which is expected to enter Phase III trials by the end of the year. As part of the deal, Biomira will pay $3.0 million in cash and approximately 17,878,000 shares of Biomira common stock in return for all of the outstanding stock of the US firm, with further payments due as ProlX products pass regulatory milestones.