Keryx acquires ACCESS Oncology

Keryx Biopharmaceuticals has signed an agreement to acquire privately-held ACCESS Oncology, adding three clinical-stage cancer drug candidates to its pipeline. Keryx is to assume in the region of $7.5 million in ACCESS liabilities as a result of the acquisition and, subject to achieving specified clinical, regulatory and sales milestones, will issue a maximum of four million shares of common stock as consideration for all ACCESS shares.

Three clinical-stage compounds are included in the acquired portfolio: KRX-0401, an oral AKT-inhibitor currently in nine Phase II trials for six cancer indications; KRX-0402, a DNA repair inhibitor in multiple Phase II studies; and KRX-0403, a spindle poison expected to enter Phase II trials this year. KRX-0401 and KRX-0402 are also being studied by the National Cancer Institute under a Cooperative Research and Development Agreement.