Ilex Oncology Enters European Market
Ilex Oncology, based in San Antonio, Texas, has formed an alliance withGerman contract research organization Pharma Forschung Kaufbeuen, with the aim of establishing a leadership position in the European oncology clinical research market. As a result of the alliance, PFK, with headquarters near Munich, will be renamed PFK-ILEX.
Under the terms of the agreement, Ilex will pay a total of $1.7 million in cash and stock in exchange for a 30% ownership of PFK. The deal also offers Ilex the option to purchase an additional 10% of the company in one year's time and a further 9% in 1999.
The president of Ilex, Richard Love, said that the partnership represented a significant step forward with regard to the company's global business strategy, and added: "we can now offer our clients simultaneous development of their oncology compounds in Europe and the USA."
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